Ovintiv Inc. (NYSE:OVV) Given Average Rating of “Moderate Buy” by Analysts

Ovintiv Inc. (NYSE:OVV) has been assigned an average rating of “Moderate Buy” from the twenty research firms that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, twelve have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $52.7222.

Several equities analysts recently weighed in on the stock. UBS Group raised their target price on shares of Ovintiv from $58.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. William Blair began coverage on shares of Ovintiv in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective for the company. Roth Mkm boosted their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Zacks Research cut shares of Ovintiv from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Finally, Evercore reiterated an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a report on Thursday, November 6th.

Insider Buying and Selling at Ovintiv

In related 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Large investors have recently modified their holdings of the stock. Burney Co. raised its holdings in Ovintiv by 690.5% in the 2nd quarter. Burney Co. now owns 67,091 shares of the company’s stock valued at $2,553,000 after buying an additional 58,604 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Ovintiv by 296.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock valued at $3,134,000 after buying an additional 59,069 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Ovintiv in the third quarter worth $1,816,000. Moody Aldrich Partners LLC increased its position in Ovintiv by 152.1% in the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock valued at $5,670,000 after buying an additional 84,730 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Ovintiv by 466.2% during the third quarter. SG Americas Securities LLC now owns 132,552 shares of the company’s stock worth $5,352,000 after purchasing an additional 109,142 shares during the period. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

NYSE:OVV opened at $51.74 on Wednesday. Ovintiv has a 52-week low of $29.80 and a 52-week high of $53.21. The company has a market cap of $14.66 billion, a P/E ratio of 10.69, a P/E/G ratio of 2.82 and a beta of 0.69. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock’s 50-day simple moving average is $43.44 and its 200 day simple moving average is $41.02.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period in the prior year, the firm posted ($0.23) earnings per share. As a group, sell-side analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

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.