Ovintiv (NYSE:OVV) Upgraded at Wall Street Zen

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

Other equities analysts have also recently issued reports about the company. National Bank Financial lifted their price target on Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Zacks Research lowered Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Roth Mkm raised their target price on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a report on Tuesday, February 24th. JPMorgan Chase & Co. started coverage on shares of Ovintiv in a report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price on the stock. Finally, The Goldman Sachs Group lifted their target price on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Fourteen equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $63.00.

Ovintiv Stock Down 0.2%

Shares of OVV opened at $52.32 on Monday. Ovintiv has a 1 year low of $35.47 and a 1 year high of $63.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a 50 day simple moving average of $57.18 and a two-hundred day simple moving average of $50.36. The firm has a market cap of $14.70 billion, a P/E ratio of 16.88 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping the consensus estimate of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, analysts forecast that Ovintiv will post 8.17 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently bought and sold shares of OVV. Stifel Financial Corp increased its stake in shares of Ovintiv by 1.4% during the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after purchasing an additional 269 shares in the last quarter. Root Financial Partners LLC boosted its position in shares of Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares in the last quarter. Deseret Mutual Benefit Administrators boosted its position in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares in the last quarter. Fiduciary Financial Group LLC grew its stake in shares of Ovintiv by 3.2% in the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock worth $371,000 after buying an additional 297 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its stake in shares of Ovintiv by 2.6% in the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after buying an additional 324 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.