Ovintiv (NYSE:OVV) Upgraded at Zacks Research

Zacks Research upgraded shares of Ovintiv (NYSE:OVV) from a strong sell rating to a hold rating in a report published on Tuesday morning,Zacks.com reports.

OVV has been the topic of several other reports. National Bank Financial boosted their target price on shares of Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Barclays upped their price objective on Ovintiv from $55.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Scotiabank raised Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, UBS Group raised their price objective on Ovintiv from $58.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.88.

Ovintiv Stock Performance

NYSE OVV opened at $52.67 on Tuesday. 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 stock’s fifty day moving average is $44.00 and its two-hundred day moving average is $41.17. The firm has a market capitalization of $14.92 billion, a P/E ratio of 10.88, a price-to-earnings-growth ratio of 2.80 and a beta of 0.69. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $53.21.

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

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

Insider Activity

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Howard John Mayson sold 5,000 shares of the business’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 in the company, valued at $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Institutional investors have recently modified their holdings of the business. McIlrath & Eck LLC acquired a new stake in Ovintiv during the third quarter worth approximately $31,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Ovintiv in the 3rd quarter valued at $36,000. HM Payson & Co. purchased a new position in shares of Ovintiv in the 3rd quarter valued at $36,000. Quent Capital LLC acquired a new stake in Ovintiv during the 3rd quarter worth $37,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Ovintiv in the fourth quarter valued at $38,000. 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.