Ovintiv (NYSE:OVV) Upgraded at Scotiabank

Scotiabank upgraded shares of Ovintiv (NYSE:OVV) from a hold rating to a strong-buy rating in a research note released on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley reduced their target price on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a research note on Saturday, January 17th. William Blair initiated coverage on Ovintiv in a report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective on the stock. Citigroup dropped their target price on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Finally, TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research note on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.06.

Ovintiv Stock Performance

OVV opened at $46.89 on Wednesday. The firm’s fifty day simple moving average is $40.92 and its two-hundred day simple moving average is $40.20. Ovintiv has a 52-week low of $29.80 and a 52-week high of $48.17. The company has a market cap of $11.87 billion, a price-to-earnings ratio of 51.52, a PEG ratio of 2.57 and a beta of 0.78. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43.

Insider Activity

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 transaction of $2,016,500.00. Following the completion of the sale, the chief operating officer directly owned 105,867 shares in the company, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Institutional investors and hedge funds have recently bought and sold shares of the company. Stifel Financial Corp raised its position in shares of Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after buying an additional 269 shares during the period. Deseret Mutual Benefit Administrators increased its stake in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares during the last quarter. Fiduciary Financial Group LLC raised its position in Ovintiv by 3.2% in the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after purchasing an additional 297 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Ovintiv by 2.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock valued at $599,000 after purchasing an additional 340 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of Ovintiv by 9.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock valued at $163,000 after purchasing an additional 362 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.