Ovintiv (NYSE:OVV) Price Target Increased to $60.00 by Analysts at Scotiabank

Ovintiv (NYSE:OVV) had its price target increased by Scotiabank from $58.00 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 24.38% from the stock’s current price.

A number of other analysts also recently issued reports on OVV. UBS Group lifted their price target on Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. TD Cowen increased their price target on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Morgan Stanley lifted their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Barclays started coverage on Ovintiv in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 target price on the stock. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.24.

Ovintiv Price Performance

Ovintiv stock traded up $0.08 during midday trading on Friday, reaching $48.24. 2,148,117 shares of the stock were exchanged, compared to its average volume of 3,057,926. Ovintiv has a 52 week low of $37.92 and a 52 week high of $55.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market cap of $12.88 billion, a PE ratio of 6.74 and a beta of 2.63. The company’s fifty day moving average is $48.32 and its 200-day moving average is $47.73.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.12. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. On average, sell-side analysts forecast that Ovintiv will post 6.12 EPS for the current year.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the sale, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the transaction, the director now owns 8,929 shares in the company, valued at approximately $446,450. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the stock. Quent Capital LLC grew its stake in Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares in the last quarter. American National Bank purchased a new position in Ovintiv during the first quarter valued at approximately $27,000. Avalon Trust Co purchased a new stake in Ovintiv during the fourth quarter worth $34,000. Pacifica Partners Inc. bought a new position in shares of Ovintiv in the 4th quarter worth $37,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.