Ovintiv (NYSE:OVV) Price Target Raised to $58.00

Ovintiv (NYSE:OVV) had its price target upped by Scotiabank from $51.00 to $58.00 in a report released on Tuesday morning, MarketBeat.com reports. The brokerage currently has a hold rating on the stock.

Several other research firms have also recently weighed in on OVV. Wells Fargo & Company lifted their target price on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Barclays decreased their target price on shares of Ovintiv from $57.00 to $55.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. UBS Group boosted their target price on Ovintiv from $54.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Evercore ISI reaffirmed an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a research note on Thursday, November 6th. Finally, Citigroup lowered their price target on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.82.

Ovintiv Stock Down 0.2%

OVV stock opened at $40.72 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a market capitalization of $10.31 billion, a P/E ratio of 44.75, a P/E/G ratio of 2.41 and a beta of 0.76. Ovintiv has a 52-week low of $29.80 and a 52-week high of $46.35. The company’s 50 day simple moving average is $39.51 and its 200-day simple moving average is $39.74.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.06. The firm had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. As a group, equities research analysts anticipate that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Monday, December 15th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, December 15th. Ovintiv’s dividend payout ratio (DPR) is 131.87%.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC grew its position in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after acquiring an additional 3,788 shares during the period. Great Lakes Advisors LLC acquired a new stake in shares of Ovintiv in the 1st quarter valued at $202,000. Focus Partners Wealth boosted its stake in shares of Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after purchasing an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Ovintiv by 46.2% during the 2nd quarter. GAMMA Investing LLC now owns 8,118 shares of the company’s stock worth $309,000 after purchasing an additional 2,567 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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.