Ovintiv’s (OVV) “Outperform” Rating Reiterated at Royal Bank Of Canada

Royal Bank Of Canada reissued their outperform rating on shares of Ovintiv (NYSE:OVV) in a report released on Thursday morning,MarketScreener reports. The firm currently has a $55.00 target price on the stock.

Other analysts have also recently issued research reports about the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $54.00 price target on shares of Ovintiv in a research report on Saturday, January 17th. Scotiabank lifted their target price on Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. dropped their target price on Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, October 3rd. UBS Group reissued a “buy” rating on shares of Ovintiv in a research report on Thursday, January 22nd. Finally, Morgan Stanley decreased their price objective on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and an average price target of $51.82.

Ovintiv Stock Down 0.1%

OVV stock opened at $43.41 on Thursday. The stock has a market capitalization of $10.99 billion, a PE ratio of 47.70, a price-to-earnings-growth ratio of 2.56 and a beta of 0.76. Ovintiv has a 52 week low of $29.80 and a 52 week high of $45.96. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $39.95 and a 200 day moving average of $39.80.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The business had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Sell-side analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, December 15th. Ovintiv’s payout ratio is 131.87%.

Insider Transactions at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 3.4% during the second quarter. Charles Schwab Investment Management Inc. now owns 9,571,397 shares of the company’s stock worth $364,192,000 after purchasing an additional 312,827 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Ovintiv by 25.8% during the 3rd 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 period. Arrowstreet Capital Limited Partnership lifted its position in shares of Ovintiv by 12.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 5,888,500 shares of the company’s stock valued at $237,747,000 after buying an additional 649,819 shares in the last quarter. AQR Capital Management LLC grew its stake in Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after acquiring an additional 3,589,030 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Ovintiv by 143.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after acquiring an additional 2,205,233 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.