Ovintiv (NYSE:OVV) Given New $70.00 Price Target at Royal Bank Of Canada

Ovintiv (NYSE:OVV) had its price objective upped by equities research analysts at Royal Bank Of Canada from $55.00 to $70.00 in a research note issued to investors on Wednesday,MarketScreener reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 24.18% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Barclays boosted their price objective on shares of Ovintiv from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, April 2nd. JPMorgan Chase & Co. began coverage on shares of Ovintiv in a report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price on the stock. Finally, Wells Fargo & Company upped their price target on shares of Ovintiv from $42.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, March 19th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $59.95.

Ovintiv Stock Down 7.2%

Shares of NYSE:OVV traded down $4.36 during midday trading on Wednesday, hitting $56.37. 469,111 shares of the stock were exchanged, compared to its average volume of 4,948,542. The company has a market capitalization of $15.97 billion, a PE ratio of 11.56, a P/E/G ratio of 2.12 and a beta of 0.59. Ovintiv has a 52-week low of $29.80 and a 52-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. The business’s fifty day simple moving average is $52.18 and its two-hundred day simple moving average is $43.78.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter in the previous year, the company posted ($0.23) earnings per share. As a group, research analysts predict that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Insider Transactions at Ovintiv

In related news, Director Howard John Mayson sold 5,000 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the sale, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $634,461.96. Following the sale, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of OVV. Stifel Financial Corp boosted its stake in Ovintiv by 1.4% during the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after buying an additional 269 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its position in shares of Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after buying an additional 287 shares during the period. Fiduciary Financial Group LLC lifted its holdings in shares of Ovintiv by 3.2% during the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after acquiring an additional 297 shares during the period. PNC Financial Services Group Inc. lifted its holdings in 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 increased its holdings in shares of Ovintiv by 9.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock worth $163,000 after buying an additional 362 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

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.