Ovintiv Inc. (NYSE:OVV) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have earned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the company, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $51.25.

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, November 18th. Evercore ISI reaffirmed an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a research note on Thursday, November 6th. National Bankshares cut their price target on Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, October 22nd. Mizuho decreased their price objective on Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Finally, Royal Bank Of Canada set a $55.00 target price on Ovintiv and gave the stock an “outperform” rating in a research report on Wednesday, October 15th.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.89% of the stock is owned by corporate insiders.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC boosted its position in shares of Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after buying an additional 3,589,030 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its stake in Ovintiv by 143.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after acquiring an additional 2,205,233 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Ovintiv by 25.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after acquiring an additional 1,927,193 shares during the last quarter. Evergreen Capital Management LLC bought a new stake in shares of Ovintiv in the 3rd quarter worth $60,866,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Ovintiv in the second quarter valued at about $41,701,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Trading Up 0.8%

Shares of OVV stock opened at $38.99 on Tuesday. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $46.35. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45. The stock has a 50 day simple moving average of $39.22 and a two-hundred day simple moving average of $39.71. The company has a market cap of $9.87 billion, a P/E ratio of 42.84, a PEG ratio of 1.91 and a beta of 0.76.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.97 by $0.06. The company had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. Research analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were issued a dividend of $0.30 per share. The ex-dividend date was Monday, December 15th. This represents a $1.20 annualized dividend and a yield of 3.1%. Ovintiv’s dividend payout ratio is presently 131.87%.

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.