Ovintiv (NYSE:OVV) Reaches New 1-Year High – Time to Buy?

Shares of Ovintiv Inc. (NYSE:OVV) reached a new 52-week high on Tuesday . The company traded as high as $65.00 and last traded at $64.8560, with a volume of 6118 shares. The stock had previously closed at $63.85.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on OVV. Royal Bank Of Canada increased their price target on Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Stephens reissued a “positive” rating and set a $69.00 target price on shares of Ovintiv in a research note on Friday, July 24th. UBS Group raised their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.79.

Ovintiv Trading Up 1.1%

The stock has a market cap of $17.78 billion, a price-to-earnings ratio of 18.23 and a beta of 0.53. The business has a 50-day simple moving average of $57.43 and a two-hundred day simple moving average of $55.65. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data 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). The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, research analysts forecast that Ovintiv Inc. will post 6.83 EPS for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. Ovintiv’s dividend payout ratio is currently 33.90%.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.85% of the company’s stock.

Institutional Trading of Ovintiv

A number of hedge funds have recently made changes to their positions in the business. Steph & Co. acquired a new stake in Ovintiv during the 1st quarter valued at $29,000. Aberdeen Wealth Management LLC acquired a new stake in Ovintiv during the second quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Ovintiv during the second quarter worth approximately $32,000. Root Financial Partners LLC grew its position in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Ovintiv in the fourth quarter valued at approximately $46,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.