Bank of America Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price objective lifted by equities research analysts at Bank of America from $63.00 to $68.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 15.00% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. The Goldman Sachs Group boosted their target price on shares of Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Royal Bank Of Canada restated an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a research note on Thursday, February 19th. Finally, Scotiabank raised their price target on shares of Ovintiv from $58.00 to $65.00 and gave the stock a “sector outperform” rating in a report on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $59.16.

Ovintiv Stock Down 0.1%

Ovintiv stock opened at $59.13 on Thursday. Ovintiv has a 1-year low of $29.80 and a 1-year high of $62.60. The business has a fifty day moving average price of $51.47 and a 200-day moving average price of $43.50. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market capitalization of $16.75 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 2.12 and a beta of 0.59.

Ovintiv (NYSE:OVV) last announced its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same period in the prior year, the company posted ($0.23) EPS. Equities research analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Activity at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. This represents a 17.64% 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. Also, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. McIlrath & Eck LLC purchased a new stake in shares of Ovintiv in the third quarter worth about $31,000. HM Payson & Co. purchased a new position in Ovintiv during the third quarter valued at approximately $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in Ovintiv in the third quarter valued at approximately $36,000. Quent Capital LLC acquired a new position in Ovintiv in the third quarter valued at approximately $37,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Ovintiv in the 4th quarter worth approximately $38,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.