Ovintiv (NYSE:OVV) Now Covered by Truist Financial

Truist Financial assumed coverage on shares of Ovintiv (NYSE:OVV) in a report issued on Tuesday, MarketBeat reports. The brokerage issued a buy rating and a $70.00 price objective on the stock.

A number of other equities research analysts also recently weighed in on the stock. Scotiabank boosted their price target on shares of Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a research note on Thursday, March 19th. The Goldman Sachs Group raised their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Barclays lifted their target price on shares of Ovintiv from $58.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 3rd. Finally, Wells Fargo & Company increased their price target on Ovintiv from $42.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, March 19th. Fourteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $56.89.

Ovintiv Price Performance

Ovintiv stock opened at $59.00 on Tuesday. The business’s 50-day simple moving average is $48.32 and its 200 day simple moving average is $42.50. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock has a market cap of $16.72 billion, a price-to-earnings ratio of 12.19, a P/E/G ratio of 2.93 and a beta of 0.69. Ovintiv has a 12-month low of $29.80 and a 12-month high of $59.44.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping 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 previous year, the business posted ($0.23) EPS. As a group, research analysts anticipate 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 will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is currently 24.79%.

Insider Activity at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction that occurred on 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 $2,398,414.20. The trade was a 9.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.89% of the stock is owned by company insiders.

Institutional Trading of Ovintiv

Large investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC lifted its holdings in Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after acquiring an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in shares of Ovintiv in the first quarter worth about $202,000. Focus Partners Wealth increased its holdings in shares of Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after acquiring an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares during the period. Finally, MAI Capital Management raised its position in shares of Ovintiv by 174.6% during the second quarter. MAI Capital Management now owns 1,170 shares of the company’s stock worth $45,000 after purchasing an additional 744 shares during the period. Institutional investors own 83.81% of the company’s stock.

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.