Ovintiv (NYSE:OVV) Given Outperform Rating at Royal Bank Of Canada

Royal Bank Of Canada reissued their outperform rating on shares of Ovintiv (NYSE:OVV) in a report published on Thursday,MarketScreener reports. They currently have a $55.00 price objective on the stock.

A number of other analysts have also weighed in on OVV. Barclays reduced their target price on Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Wells Fargo & Company upped their target price 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. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. JPMorgan Chase & Co. lowered their price target on Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, October 3rd. Finally, Evercore ISI restated an “outperform” rating and set a $47.00 price objective on shares of Ovintiv in a report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.82.

Ovintiv Price Performance

OVV stock traded down $0.06 during mid-day trading on Thursday, hitting $43.41. The company had a trading volume of 4,544,446 shares, compared to its average volume of 3,941,265. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. Ovintiv has a 12-month low of $29.80 and a 12-month high of $45.96. The company has a 50-day moving average price of $39.95 and a 200 day moving average price of $39.81. The company has a market capitalization of $10.99 billion, a price-to-earnings ratio of 47.70, a P/E/G ratio of 2.56 and a beta of 0.76.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.06. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.86 billion. On average, research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, December 15th. Ovintiv’s dividend payout ratio is presently 131.87%.

Insider Buying and Selling

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 transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Integrated Wealth Concepts LLC grew its holdings in Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after acquiring an additional 3,788 shares during the period. Great Lakes Advisors LLC purchased a new stake in shares of Ovintiv during the 1st quarter worth $202,000. Focus Partners Wealth grew its stake in shares of Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after purchasing an additional 6,364 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after purchasing an additional 589 shares in the last quarter. Finally, HB Wealth Management LLC lifted its stake in shares of Ovintiv by 17.8% in the second quarter. HB Wealth Management LLC now owns 6,643 shares of the company’s stock valued at $253,000 after purchasing an additional 1,005 shares during the period. 83.81% of the stock is currently 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.