Truist Financial Boosts Ovintiv (NYSE:OVV) Price Target to $62.00

Ovintiv (NYSE:OVV) had its price target raised by equities researchers at Truist Financial from $60.00 to $62.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 36.87% from the company’s previous close.

OVV has been the topic of several other research reports. Evercore ISI reaffirmed an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. Wells Fargo & Company dropped their price objective on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research report on Thursday. TD Cowen raised their price target on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Jefferies Financial Group increased their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Finally, UBS Group raised their price target on shares of Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.39.

Ovintiv Stock Performance

NYSE OVV traded down $1.14 during trading on Thursday, reaching $45.30. The company’s stock had a trading volume of 293,144 shares, compared to its average volume of 3,024,912. 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 $12.09 billion, a price-to-earnings ratio of 6.35, a P/E/G ratio of 7.54 and a beta of 2.63. Ovintiv has a twelve month low of $39.68 and a twelve month high of $55.95. The business’s fifty day moving average price is $47.37 and its 200-day moving average price is $48.11.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.40%. As a group, analysts anticipate that Ovintiv will post 5.7 EPS for the current fiscal year.

Insider Activity

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

Hedge Funds Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Drive Wealth Management LLC grew its stake in shares of Ovintiv by 4.2% in the second quarter. Drive Wealth Management LLC now owns 10,058 shares of the company’s stock valued at $471,000 after buying an additional 405 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Ovintiv in the second quarter valued at $69,000. Signaturefd LLC grew its stake in shares of Ovintiv by 2.1% in the second quarter. Signaturefd LLC now owns 18,288 shares of the company’s stock valued at $857,000 after buying an additional 376 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Ovintiv in the second quarter valued at $39,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Ovintiv by 338.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 445,187 shares of the company’s stock valued at $20,866,000 after buying an additional 343,709 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Company Profile

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.