Brokerages Set Ovintiv Inc. (NYSE:OVV) Target Price at $58.11

Shares of Ovintiv Inc. (NYSE:OVV) have earned a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are covering the stock, MarketBeat reports. Six investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $59.1579.

Several brokerages have recently issued reports on OVV. Morgan Stanley began coverage on Ovintiv in a report on Friday, March 27th. They issued an “equal weight” rating and a $68.00 target price on the stock. The Goldman Sachs Group raised their price target on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Truist Financial started coverage on Ovintiv in a report on Tuesday, March 24th. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 3rd.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $59.13 on Friday. The firm has a market cap of $16.75 billion, a price-to-earnings ratio of 12.22, a P/E/G ratio of 2.12 and a beta of 0.59. The firm has a fifty day moving average price of $51.47 and a 200 day moving average price of $43.51. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $62.60. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the company earned ($0.23) EPS. As a group, sell-side analysts expect that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv’s dividend payout ratio is presently 24.79%.

Insider Buying and Selling at Ovintiv

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Stifel Financial Corp raised its position in Ovintiv by 1.4% during the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after purchasing an additional 269 shares during the period. Deseret Mutual Benefit Administrators boosted its holdings in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the period. Fiduciary Financial Group LLC increased its position in shares of Ovintiv by 3.2% during the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after purchasing an additional 297 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Ovintiv by 2.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock valued at $599,000 after purchasing an additional 340 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in Ovintiv by 9.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock valued at $163,000 after buying an additional 362 shares during the period. Hedge funds and other institutional investors 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.