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

Ovintiv (NYSE:OVV) had its price objective increased by stock analysts at Jefferies Financial Group from $59.00 to $69.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 28.40% from the stock’s current price.

A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. The Goldman Sachs Group boosted their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. UBS Group boosted their price objective on shares of Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday. Scotiabank decreased their price objective on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, January 16th. Finally, Wells Fargo & Company decreased their price objective on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a report on Wednesday, January 17th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $56.47.

Ovintiv Price Performance

OVV stock opened at $53.74 on Friday. The firm has a 50 day moving average price of $48.98 and a 200-day moving average price of $46.24. Ovintiv has a 52-week low of $32.07 and a 52-week high of $55.95. The firm has a market capitalization of $14.45 billion, a price-to-earnings ratio of 6.81 and a beta of 2.65. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60.

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

Insider Activity

In other news, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the sale, the director now owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the transaction, the executive vice president now owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 91,564 shares of company stock valued at $4,660,818 in the last 90 days. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. American National Bank purchased a new stake in Ovintiv in the 1st quarter worth $27,000. Quent Capital LLC lifted its stake in Ovintiv by 151.3% in the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares in the last quarter. Loomis Sayles & Co. L P lifted its stake in Ovintiv by 107.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock worth $31,000 after purchasing an additional 341 shares in the last quarter. Avalon Trust Co purchased a new stake in Ovintiv in the 4th quarter worth $34,000. Finally, Penserra Capital Management LLC purchased a new stake in Ovintiv in the 3rd quarter worth $36,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.