Ovintiv (NYSE:OVV) Raised to Strong-Buy at TD Cowen

Ovintiv (NYSE:OVV) was upgraded by investment analysts at TD Cowen to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the company. National Bankshares lifted their price target on Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Roth Mkm initiated coverage on Ovintiv in a research note on Monday, October 13th. They set a “neutral” rating and a $42.00 target price for the company. Wells Fargo & Company boosted their price target on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 18th. Scotiabank upped their price target on shares of Ovintiv from $51.00 to $58.00 and gave the company a “hold” rating in a report on Tuesday, January 20th. Finally, Stephens upgraded shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $51.06.

Ovintiv Stock Down 0.9%

OVV stock opened at $46.61 on Monday. The firm’s 50-day moving average is $40.64 and its two-hundred day moving average is $40.08. The company has a market capitalization of $11.80 billion, a price-to-earnings ratio of 51.22, a price-to-earnings-growth ratio of 2.63 and a beta of 0.78. Ovintiv has a 52 week low of $29.80 and a 52 week high of $47.31. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43.

Insiders Place Their Bets

In related news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv during the third quarter valued at approximately $31,000. IFP Advisors Inc boosted its stake in Ovintiv by 316.7% in the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after purchasing an additional 643 shares during the period. HM Payson & Co. purchased a new position in Ovintiv during the 3rd quarter worth approximately $36,000. Foster Dykema Cabot & Partners LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $36,000. Finally, Quent Capital LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $37,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.