Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Ovintiv (NYSE:OVV) had its price objective boosted by research analysts at Royal Bank Of Canada from $55.00 to $70.00 in a report released on Wednesday, MarketBeat reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 24.77% from the company’s current price.

Other analysts have also issued research reports about the company. Weiss Ratings upgraded Ovintiv from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 2nd. Mizuho boosted their price target on Ovintiv from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. UBS Group boosted their price target on Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Finally, Truist Financial started coverage on Ovintiv in a report on Tuesday, March 24th. They issued a “buy” rating and a $70.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $60.26.

Ovintiv Stock Down 1.2%

Shares of NYSE OVV opened at $56.10 on Wednesday. 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 firm has a market capitalization of $15.90 billion, a price-to-earnings ratio of 11.59, a PEG ratio of 1.87 and a beta of 0.59. The stock has a 50 day moving average price of $52.72 and a 200 day moving average price of $43.96. Ovintiv has a 52-week low of $30.77 and a 52-week high of $62.60.

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. The firm had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same quarter in the previous year, the business earned ($0.23) earnings per share. Sell-side analysts expect that Ovintiv will post 5.59 earnings per share for the current year.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the company’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 completion of the sale, the director owned 45,780 shares in the company, valued at $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction on Friday, March 13th. The stock was 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 of the company’s stock, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of Ovintiv

A number of hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in shares of Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Ovintiv by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after purchasing an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv by 14.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after purchasing an additional 855,043 shares in the last quarter. Millennium Management LLC increased its position in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Ovintiv by 13.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after purchasing an additional 650,000 shares in the last quarter. Hedge funds and other 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.