Scotiabank Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target increased by Scotiabank from $51.00 to $58.00 in a research note published on Tuesday,BayStreet.CA reports. The brokerage currently has a sector perform rating on the stock.

Other analysts have also recently issued research reports about the stock. Citigroup cut their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Morgan Stanley cut their price target on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Royal Bank Of Canada set a $55.00 price objective on shares of Ovintiv and gave the company an “outperform” rating in a research report on Wednesday, October 15th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $54.00 price target on shares of Ovintiv in a report on Saturday. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.82.

Ovintiv Price Performance

OVV opened at $39.53 on Tuesday. The firm has a market cap of $10.01 billion, a price-to-earnings ratio of 43.44, a PEG ratio of 2.35 and a beta of 0.76. Ovintiv has a 1 year low of $29.80 and a 1 year high of $46.35. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45. The stock’s 50 day simple moving average is $39.42 and its 200 day simple moving average is $39.73.

Ovintiv (NYSE:OVV) last issued its earnings results 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 for 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%. As a group, analysts predict that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, December 15th. Ovintiv’s dividend payout ratio is presently 131.87%.

Insiders Place Their Bets

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction on Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the sale, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Institutional investors have recently added to or reduced their stakes in the stock. Fiduciary Financial Group LLC raised its position in shares of Ovintiv by 3.2% during the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after buying an additional 297 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Ovintiv by 2.3% during the third quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock valued at $599,000 after acquiring an additional 340 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings in Ovintiv by 0.6% in the 3rd quarter. KLP Kapitalforvaltning AS now owns 63,400 shares of the company’s stock valued at $2,560,000 after acquiring an additional 400 shares during the last quarter. ProShare Advisors LLC lifted its stake in Ovintiv by 3.8% in the 2nd quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock worth $438,000 after purchasing an additional 427 shares in the last quarter. Finally, Forum Financial Management LP boosted its holdings in shares of Ovintiv by 5.2% during the 3rd quarter. Forum Financial Management LP now owns 9,402 shares of the company’s stock valued at $380,000 after purchasing an additional 464 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.