Ovintiv (NYSE:OVV) Price Target Raised to $69.00

Ovintiv (NYSE:OVV) had its price objective upped by UBS Group from $61.00 to $69.00 in a research note released on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also commented on OVV. Wells Fargo & Company increased their price target on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Royal Bank Of Canada reiterated an “outperform” rating and set a $55.00 target price on shares of Ovintiv in a research report on Thursday, February 19th. William Blair initiated coverage on shares of Ovintiv in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price target on the stock. Roth Mkm increased their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. Finally, Evercore restated an “outperform” rating and issued a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.88.

Ovintiv Price Performance

OVV stock opened at $52.25 on Thursday. 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 company’s fifty day moving average price is $44.29 and its 200-day moving average price is $41.28. Ovintiv has a one year low of $29.80 and a one year high of $53.31. The company has a market capitalization of $14.80 billion, a PE ratio of 10.80, a price-to-earnings-growth ratio of 2.83 and a beta of 0.69.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the previous year, the firm posted ($0.23) EPS. On average, equities analysts anticipate that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. Ovintiv’s dividend payout ratio is presently 24.79%.

Insider Activity

In related news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv 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 owned 105,867 shares in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.70% of the company’s stock.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of OVV. McIlrath & Eck LLC bought a new stake in Ovintiv during the 3rd quarter valued at $31,000. HM Payson & Co. purchased a new position in shares of Ovintiv during the third quarter valued at $36,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Ovintiv in the third quarter valued at about $36,000. Quent Capital LLC purchased a new stake in Ovintiv in the third quarter worth about $37,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Ovintiv in the fourth quarter worth about $38,000. Institutional investors own 83.81% of the company’s stock.

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.