Ovintiv (NYSE:OVV) Given New $62.00 Price Target at Barclays

Ovintiv (NYSE:OVV) had its price target boosted by Barclays from $58.00 to $62.00 in a research note released on Monday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Several other brokerages have also weighed in on OVV. Stephens raised Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. The Goldman Sachs Group upped their target price on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a research report on Saturday, January 17th. Wells Fargo & Company lifted their price target on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 price target on shares of Ovintiv in a report on Thursday, February 19th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.76.

Ovintiv Stock Down 0.7%

Shares of OVV opened at $54.93 on Monday. 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 has a 50-day simple moving average of $46.10 and a 200-day simple moving average of $41.87. Ovintiv has a 52 week low of $29.80 and a 52 week high of $55.85. The firm has a market capitalization of $15.56 billion, a P/E ratio of 11.35, a P/E/G ratio of 3.01 and a beta of 0.69.

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

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is 24.79%.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the sale, the director owned 45,780 shares of the company’s stock, valued at $2,398,414.20. The trade was a 9.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OVV. Corient Private Wealth LLC boosted its stake in shares of Ovintiv by 15.4% in the 4th quarter. Corient Private Wealth LLC now owns 42,363 shares of the company’s stock valued at $1,660,000 after purchasing an additional 5,669 shares in the last quarter. Hsbc Holdings PLC increased its position in shares of Ovintiv by 37.1% during the 4th quarter. Hsbc Holdings PLC now owns 242,042 shares of the company’s stock worth $9,479,000 after purchasing an additional 65,445 shares in the last quarter. River Road Asset Management LLC lifted its holdings in Ovintiv by 0.3% during the 4th quarter. River Road Asset Management LLC now owns 295,720 shares of the company’s stock valued at $11,589,000 after purchasing an additional 781 shares during the last quarter. Invesco Ltd. boosted its position in Ovintiv by 13.4% in the fourth quarter. Invesco Ltd. now owns 1,268,835 shares of the company’s stock valued at $49,726,000 after buying an additional 150,053 shares in the last quarter. Finally, Vident Advisory LLC grew its stake in Ovintiv by 30.4% during the fourth quarter. Vident Advisory LLC now owns 40,249 shares of the company’s stock worth $1,577,000 after buying an additional 9,385 shares during the last quarter. 83.81% of the stock is owned by 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.