UBS Group Increases Ovintiv (NYSE:OVV) Price Target to $69.00

Ovintiv (NYSE:OVV) had its target price upped by UBS Group from $62.00 to $69.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price objective indicates a potential upside of 28.35% from the company’s current price.

OVV has been the subject of several other research reports. Morgan Stanley upped their price target on shares of Ovintiv from $48.00 to $49.00 and gave the company an “equal weight” rating in a research report on Thursday, March 28th. Mizuho reaffirmed a “buy” rating and set a $58.00 price target on shares of Ovintiv in a research report on Thursday, April 4th. Barclays initiated coverage on shares of Ovintiv in a research report on Wednesday. They set an “overweight” rating and a $69.00 price target for the company. National Bankshares reduced their price target on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, January 10th. Finally, The Goldman Sachs Group upped their price target on shares of Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research report on Tuesday, March 26th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.47.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $53.76 on Thursday. The stock has a market cap of $14.46 billion, a price-to-earnings ratio of 6.81 and a beta of 2.65. The firm’s 50-day moving average is $48.98 and its 200 day moving average is $46.25. Ovintiv has a 1 year low of $32.07 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The business had revenue of $3.17 billion during the quarter, compared to analyst estimates of $2.75 billion. Sell-side analysts anticipate that Ovintiv will post 6.25 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now directly owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the transaction, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the transaction, the director now directly owns 36,840 shares of the company’s stock, valued at $1,862,630.40. The disclosure for this sale can be found here. Insiders sold 91,564 shares of company stock valued at $4,660,818 in the last three months. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

A number of large investors have recently made changes to their positions in the company. Quent Capital LLC lifted its holdings in Ovintiv by 151.3% during the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after buying an additional 351 shares in the last quarter. American National Bank bought a new stake in Ovintiv during the 1st quarter valued at about $27,000. Loomis Sayles & Co. L P lifted its holdings in Ovintiv by 107.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock valued at $31,000 after buying an additional 341 shares in the last quarter. Avalon Trust Co bought a new stake in Ovintiv during the 4th quarter valued at about $34,000. Finally, Belpointe Asset Management LLC lifted its holdings in Ovintiv by 62.5% during the 1st quarter. Belpointe Asset Management LLC now owns 931 shares of the company’s stock valued at $34,000 after buying an additional 358 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.