Ovintiv (NYSE:OVV) Price Target Raised to $62.00

Ovintiv (NYSE:OVV) had its price objective raised by analysts at The Goldman Sachs Group from $49.00 to $62.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would suggest a potential upside of 13.35% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Roth Mkm lifted their price target on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. National Bank Financial lifted their price target on shares of Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. TD Cowen raised Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Barclays boosted their price target on shares of Ovintiv from $55.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, February 25th. Finally, Stephens upgraded shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $53.53.

Ovintiv Trading Up 3.4%

Shares of OVV stock traded up $1.80 during trading hours on Wednesday, hitting $54.70. 2,858,292 shares of the company were exchanged, compared to its average volume of 5,082,898. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The company has a 50 day simple moving average of $44.85 and a two-hundred day simple moving average of $41.49. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $54.71. The firm has a market cap of $15.50 billion, a P/E ratio of 11.28, a P/E/G ratio of 2.91 and a beta of 0.69.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The business had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the business earned ($0.23) EPS. Equities analysts anticipate that Ovintiv will post 5.59 EPS for the current year.

Insider Activity

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.89% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

A number of large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its position in Ovintiv by 296.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock worth $3,134,000 after acquiring an additional 59,069 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in Ovintiv in the 3rd quarter valued at $1,816,000. Moody Aldrich Partners LLC increased its holdings in shares of Ovintiv by 152.1% in the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock valued at $5,670,000 after acquiring an additional 84,730 shares during the period. Citigroup Inc. boosted its position in Ovintiv by 42.1% during the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after acquiring an additional 51,562 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Ovintiv by 466.2% during the third quarter. SG Americas Securities LLC now owns 132,552 shares of the company’s stock worth $5,352,000 after purchasing an additional 109,142 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.