Ovintiv (NYSE:OVV) Price Target Raised to $72.00 at Truist Financial

Ovintiv (NYSE:OVV) had its target price hoisted by Truist Financial from $70.00 to $72.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. Morgan Stanley assumed coverage on Ovintiv in a research report on Friday, March 27th. They set an “equal weight” rating and a $68.00 target price on the stock. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a report on Saturday, January 17th. Mizuho upped their target price on Ovintiv from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. The Goldman Sachs Group increased their target price on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. Finally, Weiss Ratings raised shares of Ovintiv from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 2nd. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $60.37.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $56.31 on Monday. The company has a market capitalization of $15.95 billion, a PE ratio of 11.63, a price-to-earnings-growth ratio of 1.83 and a beta of 0.59. 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 company’s fifty day moving average price is $53.25 and its 200 day moving average price is $44.18. Ovintiv has a 1 year low of $31.90 and a 1 year high of $62.60.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter in the previous year, the company earned ($0.23) earnings per share. On average, research analysts predict that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

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 $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Friday, March 13th. Ovintiv’s dividend payout ratio is 24.79%.

Insider Activity

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction dated 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the stock in a transaction dated 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 owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of large investors have recently made changes to their positions in OVV. AQR Capital Management LLC increased its holdings in shares of Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after purchasing an additional 3,589,030 shares during the last quarter. Millennium Management LLC boosted its stake in 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 buying an additional 3,060,691 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Ovintiv by 25.8% during the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after buying an additional 1,927,193 shares during the last quarter. Goldentree Asset Management LP purchased a new stake in Ovintiv in the 4th quarter valued at $61,528,000. Finally, Evergreen Capital Management LLC purchased a new stake in Ovintiv in the 3rd quarter valued at $60,866,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.