Ovintiv (NYSE:OVV) Cut to “Neutral” at Citigroup

Citigroup lowered shares of Ovintiv (NYSE:OVV) from a buy rating to a neutral rating in a report published on Sunday morning, Marketbeat reports. They currently have $62.00 target price on the stock, up from their prior target price of $52.00.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group restated a “buy” rating and set a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. JPMorgan Chase & Co. began coverage on Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price objective on the stock. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. Finally, Morgan Stanley began coverage on Ovintiv in a research note on Friday, March 27th. They issued an “equal weight” rating and a $68.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $58.67.

Ovintiv Stock Performance

Shares of OVV stock opened at $59.36 on Friday. Ovintiv has a 1 year low of $29.80 and a 1 year high of $62.60. The stock has a market cap of $16.82 billion, a PE ratio of 12.27, a P/E/G ratio of 2.18 and a beta of 0.69. The stock has a fifty day moving average price of $50.41 and a 200 day moving average price of $43.16. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same quarter last year, the business posted ($0.23) earnings per share. Sell-side analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is presently 24.79%.

Insider Buying and Selling

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the sale, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the sale, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. McIlrath & Eck LLC bought a new position in shares of Ovintiv in the third quarter valued at approximately $31,000. HM Payson & Co. bought a new stake in Ovintiv during the third quarter worth approximately $36,000. Foster Dykema Cabot & Partners LLC acquired a new stake in Ovintiv in the third quarter worth approximately $36,000. Quent Capital LLC acquired a new stake in Ovintiv in the third quarter worth approximately $37,000. Finally, Flagship Harbor Advisors LLC bought a new position in Ovintiv during the 4th quarter valued at $38,000. 83.81% of the stock is 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.