Ovintiv (NYSE:OVV) Stock Rating Upgraded by Zacks Research

Ovintiv (NYSE:OVV) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Other research analysts also recently issued research reports about the company. Seaport Research Partners started coverage on Ovintiv in a research note on Thursday, September 3rd. They set a “neutral” rating for the company. Wall Street Zen raised shares of Ovintiv from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 3rd. Roth Capital increased their target price on shares of Ovintiv from $55.00 to $65.00 and gave the stock a “neutral” rating in a report on Thursday, October 22nd. Truist Financial raised their price target on shares of Ovintiv from $73.00 to $77.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Finally, Stephens reaffirmed a “positive” rating on shares of Ovintiv in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $72.32.

Ovintiv Price Performance

Ovintiv stock opened at $71.31 on Tuesday. 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 has a 52 week low of $35.47 and a 52 week high of $73.61. The stock has a market capitalization of $19.65 billion, a P/E ratio of 20.15 and a beta of 0.65. The stock has a fifty day moving average of $64.75 and a 200-day moving average of $57.09.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aberdeen Wealth Management LLC bought a new stake in Ovintiv in the second quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Ovintiv during the 2nd quarter worth approximately $32,000. Markowski Investments bought a new position in shares of Ovintiv during the 2nd quarter worth approximately $39,000. Root Financial Partners LLC boosted its holdings in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after buying an additional 277 shares in the last quarter. Finally, IFP Advisors Inc boosted its holdings in shares of Ovintiv by 69.0% during the 3rd quarter. IFP Advisors Inc now owns 1,764 shares of the company’s stock worth $102,000 after buying an additional 720 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv News Roundup

Here are the key news stories impacting Ovintiv this week:

• Positive Sentiment: Analyst support strengthened: National Bank Financial raised its price target from $94 to $95 and maintained an “outperform” rating, implying substantial upside from recent trading levels. Stifel Nicolaus also reaffirmed its “buy” rating. National Bank Financial rating Stifel Nicolaus rating
• Positive Sentiment: Logan Energy acquisition adds growth potential: Ovintiv’s proposed $890 million acquisition is expected to add approximately 266,000 net acres and 20,000 barrels of oil equivalent per day in the Montney region. The deal could expand liquids production, generate synergies and support stronger cash-flow growth. Ovintiv Logan acquisition
• Positive Sentiment: Improving earnings expectations: Zacks upgraded OVV to Rank #1, or “Strong Buy,” citing growing optimism about the company’s earnings prospects and the potential for a favorable upcoming earnings report. The stock was also included in Zacks’ Strong Buy momentum, value and income lists. Zacks Strong Buy upgrade
• Neutral Sentiment: The Logan transaction and expected earnings beat remain forward-looking catalysts. Investors will still watch for closing conditions, integration execution, commodity prices and confirmation of earnings growth in Ovintiv’s upcoming results. Logan acquisition analysis

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.