Ovintiv (NYSE:OVV) Stock Price Target Raised at National Bank Financial

Ovintiv (NYSE:OVV) had its price target boosted by analysts at National Bank Financial from $91.00 to $94.00 in a research note issued on Tuesday, BayStreet reports. The firm currently has an “outperform” rating on the stock. National Bank Financial’s target price indicates a potential upside of 33.88% from the stock’s current price.

Several other research analysts have also recently weighed in on the stock. Seaport Research Partners started coverage on shares of Ovintiv in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. Scotiabank raised their price objective on shares of Ovintiv from $75.00 to $80.00 and gave the stock a “sector outperform” rating in a research report on Monday. Scotia raised their price objective on shares of Ovintiv from $70.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Friday, October 2nd. Canadian Imperial Bank of Commerce lifted their target price on shares of Ovintiv from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, October 9th. Finally, Morgan Stanley lifted their target price on shares of Ovintiv from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $71.00.

Ovintiv Trading Up 0.2%

NYSE:OVV traded up $0.17 during trading hours on Tuesday, hitting $70.21. The company had a trading volume of 1,764,128 shares, compared to its average volume of 3,924,906. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $63.73 and a 200 day moving average of $59.57. The company has a market cap of $19.34 billion, a P/E ratio of 19.82 and a beta of 0.65. Ovintiv has a 1 year low of $35.47 and a 1 year high of $70.98.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Sell-side analysts expect that Ovintiv will post 7.54 earnings per share for the current year.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.85% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Ovintiv during the 2nd quarter worth about $1,422,959,000. Bank of New York Mellon Corp purchased a new stake in Ovintiv in the 2nd quarter valued at about $124,308,000. Bank of America Corp DE acquired a new position in Ovintiv in the second quarter valued at about $79,475,000. Arrowstreet Capital Limited Partnership lifted its position in Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in Ovintiv in the second quarter valued at about $50,852,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.