The Goldman Sachs Group Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price objective hoisted by research analysts at The Goldman Sachs Group from $49.00 to $62.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 12.98% from the company’s previous close.

Other analysts have also recently issued research reports about the company. William Blair assumed coverage on Ovintiv in a report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 price objective on the stock. UBS Group lifted their target price on Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Wells Fargo & Company upped their price target on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. Stephens raised shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research report on Thursday, February 19th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.53.

Ovintiv Stock Down 0.3%

Ovintiv stock opened at $54.88 on Wednesday. The firm has a 50 day simple moving average of $45.48 and a 200 day simple moving average of $41.68. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv has a 1-year low of $29.80 and a 1-year high of $55.85. The firm has a market capitalization of $15.55 billion, a price-to-earnings ratio of 11.34, a P/E/G ratio of 3.00 and a beta of 0.69.

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

Insider Buying and Selling

In related news, Director Howard John Mayson sold 5,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Ovintiv

Hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Ovintiv by 296.2% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock valued at $3,134,000 after acquiring an additional 59,069 shares during the last quarter. Citigroup Inc. lifted its position in Ovintiv by 42.1% during the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock valued at $7,030,000 after buying an additional 51,562 shares during the period. Hillsdale Investment Management Inc. bought a new stake in shares of Ovintiv during the 3rd quarter valued at $1,816,000. Savant Capital LLC grew its position in shares of Ovintiv by 412.9% in the 3rd quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock worth $1,485,000 after buying an additional 29,602 shares during the period. Finally, Moody Aldrich Partners LLC grew its position in shares of Ovintiv by 152.1% in the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock worth $5,670,000 after buying an additional 84,730 shares during the period. 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.