Citigroup Reiterates “Neutral” Rating for Ovintiv (NYSE:OVV)

Ovintiv (NYSE:OVV)‘s stock had its “neutral” rating reissued by Citigroup in a note issued to investors on Monday. They presently have a $62.00 price target on the stock. Citigroup’s price objective would indicate a potential downside of 0.14% from the stock’s current price.

Several other equities analysts have also recently weighed in on OVV. Scotiabank increased their price target on Ovintiv from $58.00 to $65.00 and gave the company a “sector outperform” rating in a report on Thursday, March 19th. Wells Fargo & Company upped their price objective on Ovintiv from $42.00 to $54.00 and gave the company an “equal weight” rating in a research report on Thursday, March 19th. Roth Mkm increased their target price on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. TD Cowen raised their target price on Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. Finally, Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $58.67.

Ovintiv Price Performance

OVV opened at $62.09 on Monday. The company’s 50-day simple moving average is $49.59 and its two-hundred day simple moving average is $42.91. 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 stock has a market capitalization of $17.59 billion, a P/E ratio of 12.83, a P/E/G ratio of 2.34 and a beta of 0.69. Ovintiv has a 52-week low of $29.80 and a 52-week high of $62.60.

Ovintiv (NYSE:OVV) last issued 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 company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. As a group, analysts predict that Ovintiv will post 5.59 EPS for the current year.

Insider Transactions at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.70% of the stock is owned by insiders.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of OVV. McIlrath & Eck LLC bought a new position in Ovintiv in the 3rd quarter worth $31,000. HM Payson & Co. bought a new stake in Ovintiv during the third quarter valued at about $36,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Ovintiv in the third quarter valued at about $36,000. Quent Capital LLC purchased a new position in shares of Ovintiv in the third quarter valued at about $37,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Ovintiv in the fourth quarter worth about $38,000. 83.81% of the stock is owned by hedge funds and other 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.