Ovintiv (NYSE:OVV) PT Raised to $69.00 at Jefferies Financial Group

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

A number of other research analysts also recently weighed in on the company. Scotiabank decreased their price target on Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, January 16th. Royal Bank of Canada lifted their target price on Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th. Morgan Stanley lifted their target price on Ovintiv from $48.00 to $49.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 28th. The Goldman Sachs Group lifted their target price on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Finally, Wells Fargo & Company reduced their target price on Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 17th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.47.

Ovintiv Stock Down 2.0 %

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

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

Insider Buying and Selling at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction on Friday, March 1st. The stock was 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the transaction, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 owns 36,840 shares in the company, valued at approximately $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

Several hedge funds and other institutional investors have recently modified their holdings of the business. Victory Capital Management Inc. grew its position in Ovintiv by 10.7% during the 3rd quarter. Victory Capital Management Inc. now owns 528,836 shares of the company’s stock worth $25,157,000 after acquiring an additional 51,261 shares during the last quarter. Toronto Dominion Bank grew its position in Ovintiv by 15.5% during the 3rd quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock worth $36,215,000 after acquiring an additional 101,978 shares during the last quarter. Vanguard Group Inc. grew its position in Ovintiv by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. Legal & General Group Plc grew its position in Ovintiv by 2.5% during the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company’s stock worth $53,500,000 after acquiring an additional 27,381 shares during the last quarter. Finally, Comerica Bank bought a new stake in Ovintiv during the 3rd quarter worth $18,097,000. Institutional investors own 83.81% of the company’s stock.

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.