Brokerages Set Ovintiv Inc. (NYSE:OVV) Price Target at $51.06

Shares of Ovintiv Inc. (NYSE:OVV) have earned an average rating of “Moderate Buy” from the twenty analysts that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $51.0556.

Several analysts have recently issued reports on the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research note on Thursday, January 29th. Wells Fargo & Company lifted their price objective on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Evercore reissued an “outperform” rating and set a $47.00 price objective on shares of Ovintiv in a research report on Thursday, November 6th. UBS Group reaffirmed a “buy” rating on shares of Ovintiv in a report on Thursday, January 22nd. Finally, Zacks Research downgraded shares of Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd.

Ovintiv Stock Up 2.0%

Shares of NYSE:OVV opened at $46.89 on Friday. The firm has a market capitalization of $11.87 billion, a PE ratio of 51.52, a price-to-earnings-growth ratio of 2.57 and a beta of 0.78. Ovintiv has a 1 year low of $29.80 and a 1 year high of $48.17. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45. The firm’s 50-day moving average is $40.92 and its two-hundred day moving average is $40.20.

Insider Activity

In related news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. McIlrath & Eck LLC acquired a new position in Ovintiv in the third quarter valued at approximately $31,000. IFP Advisors Inc raised its holdings in Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after purchasing an additional 643 shares in the last quarter. HM Payson & Co. purchased a new stake in shares of Ovintiv during the 3rd quarter worth approximately $36,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Ovintiv during the 3rd quarter worth approximately $36,000. Finally, Quent Capital LLC acquired a new position in shares of Ovintiv in the 3rd quarter valued at $37,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.