Ovintiv’s (OVV) Outperform Rating Reaffirmed at Royal Bank Of Canada

Royal Bank Of Canada reiterated their outperform rating on shares of Ovintiv (NYSE:OVV) in a research note released on Thursday,MarketScreener reports. They currently have a $55.00 price objective on the stock.

Other analysts also recently issued reports about the company. Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Zacks Research cut Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Wells Fargo & Company lifted their price objective on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 18th. Evercore reiterated an “outperform” rating and issued a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. Finally, National Bank Financial boosted their price target on shares of Ovintiv from $54.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.22.

Ovintiv Stock Down 0.2%

Shares of Ovintiv stock traded down $0.13 during trading hours on Thursday, reaching $50.54. The company’s stock had a trading volume of 3,877,330 shares, compared to its average volume of 5,327,551. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45. The stock’s fifty day simple moving average is $41.67 and its two-hundred day simple moving average is $40.46. The company has a market capitalization of $12.80 billion, a P/E ratio of 55.54, a P/E/G ratio of 2.85 and a beta of 0.78. Ovintiv has a one year low of $29.80 and a one year high of $51.23.

Insiders Place Their Bets

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the sale, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently modified their holdings of OVV. Dimensional Fund Advisors LP grew its holdings in Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after purchasing an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after buying an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Ovintiv by 14.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after acquiring an additional 855,043 shares during the period. Millennium Management LLC increased its holdings in Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after acquiring an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Ovintiv by 13.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after acquiring an additional 650,000 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.