Ovintiv (NYSE:OVV) Upgraded at Wall Street Zen

Ovintiv (NYSE:OVV) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

OVV has been the subject of a number of other research reports. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of Ovintiv in a report on Wednesday, May 13th. Mizuho upped their target price on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Morgan Stanley assumed coverage on Ovintiv in a research note on Friday, March 27th. They issued an “equal weight” rating and a $68.00 price target for the company. Zacks Research raised Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Finally, National Bank Financial increased their price target on Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Ovintiv Price Performance

Shares of OVV opened at $56.74 on Friday. Ovintiv has a 12-month low of $35.47 and a 12-month high of $63.46. The business has a 50-day simple moving average of $58.05 and a two-hundred day simple moving average of $49.19. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The stock has a market cap of $15.95 billion, a PE ratio of 18.30 and a beta of 0.53.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Analysts anticipate that Ovintiv will post 8.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently made changes to their positions in the stock. Citigroup Inc. grew its stake in Ovintiv by 42.1% during the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after purchasing an additional 51,562 shares during the period. BCS Private Wealth Management Inc. acquired a new stake in Ovintiv during the fourth quarter worth approximately $976,000. Hillsdale Investment Management Inc. acquired a new stake in Ovintiv during the third quarter worth approximately $1,816,000. Savant Capital LLC grew its stake in Ovintiv by 412.9% during the third quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock worth $1,485,000 after purchasing an additional 29,602 shares during the period. Finally, UBS Group AG grew its stake in Ovintiv by 8.3% during the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after purchasing an additional 76,846 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.