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

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

Several other equities analysts also recently issued reports on OVV. Citigroup decreased their price objective on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Zacks Research lowered shares of Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Evercore reiterated an “outperform” rating and issued a $47.00 price objective on shares of Ovintiv in a report on Thursday, November 6th. TD Cowen raised Ovintiv to a “strong-buy” rating in a report on Monday, February 9th. Finally, National Bank Financial raised their target price on Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.22.

Ovintiv Stock Down 0.2%

Shares of OVV opened at $50.54 on Thursday. The firm has a market cap of $12.80 billion, a P/E ratio of 55.54, a PEG ratio of 2.84 and a beta of 0.78. Ovintiv has a 12 month low of $29.80 and a 12 month high of $51.23. The stock’s 50 day moving average is $41.67 and its two-hundred day moving average is $40.46. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43.

Insider Transactions at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.70% of the stock is currently owned by insiders.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its holdings in shares of Ovintiv by 17.8% during the 4th 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 during the period. Charles Schwab Investment Management Inc. raised its stake in shares of Ovintiv by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after acquiring an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Ovintiv by 14.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after acquiring an additional 855,043 shares during the last quarter. Millennium Management LLC boosted its position in shares of Ovintiv by 116.3% during the 4th 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 during the period. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Ovintiv by 13.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after purchasing an additional 650,000 shares during the last quarter. 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.