UBS Group Cuts Ovintiv (NYSE:OVV) Price Target to $75.00

Ovintiv (NYSE:OVV) had its price target decreased by UBS Group from $76.00 to $75.00 in a research report sent to investors on Thursday, MarketBeat reports. UBS Group currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on OVV. Roth Mkm lifted their price objective on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. Royal Bank Of Canada lifted their price objective on Ovintiv from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday. Wells Fargo & Company lifted their price objective on Ovintiv from $42.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, March 19th. Morgan Stanley started coverage on Ovintiv in a research note on Friday, March 27th. They issued an “equal weight” rating and a $68.00 price objective for the company. Finally, Stephens upgraded Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.26.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $56.14 on Thursday. The business has a 50-day moving average of $52.97 and a 200 day moving average of $44.08. 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 $15.91 billion, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 1.84 and a beta of 0.59. Ovintiv has a 12 month low of $30.77 and a 12 month high of $62.60.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data 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. The business 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 quarter last year, the business posted ($0.23) EPS. As a group, sell-side analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is 24.79%.

Insider Activity

In other news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, the director 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction dated 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 directly owned 54,092 shares in the company, valued at $2,963,159.76. This trade 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 currently owned by company insiders.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Integrated Wealth Concepts LLC raised its position in shares of Ovintiv by 70.9% during the 1st 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 acquired a new position in Ovintiv during the first quarter worth approximately $202,000. Focus Partners Wealth increased its position in Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after buying an additional 6,364 shares during the period. Geneos Wealth Management Inc. increased its position in 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 buying an additional 589 shares during the period. Finally, Quantbot Technologies LP acquired a new position in Ovintiv during the second quarter worth approximately $563,000. Institutional investors and hedge funds 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.