Truist Financial Cuts Ovintiv (NYSE:OVV) Price Target to $70.00

Ovintiv (NYSE:OVV) had its price target trimmed by Truist Financial from $72.00 to $70.00 in a report published on Wednesday, Marketbeat Ratings reports. The firm currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on OVV. National Bank Financial increased their price objective on Ovintiv from $80.00 to $82.00 and gave the company an “outperform” rating in a research note on Tuesday. Royal Bank Of Canada increased their price objective on Ovintiv from $55.00 to $70.00 and gave the company an “outperform” rating in a research note on Wednesday, April 8th. Wells Fargo & Company set a $55.00 price objective on Ovintiv in a research note on Monday, April 20th. Wall Street Zen cut Ovintiv from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Scotiabank increased their price objective on Ovintiv from $65.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Tuesday. Fourteen equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $62.16.

Ovintiv Stock Up 3.0%

NYSE:OVV opened at $60.03 on Wednesday. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The stock’s fifty day moving average is $57.26 and its two-hundred day moving average is $47.06. Ovintiv has a 52 week low of $34.88 and a 52 week high of $63.46. The stock has a market capitalization of $16.87 billion, a price-to-earnings ratio of 19.36, a price-to-earnings-growth ratio of 1.52 and a beta of 0.57.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Research analysts anticipate that Ovintiv will post 8.15 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the sale, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.85% of the stock is owned by company insiders.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently bought and sold shares of OVV. Steph & Co. acquired a new stake in Ovintiv in the first quarter valued at $29,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Ovintiv during the third quarter worth about $36,000. Quent Capital LLC purchased a new position in shares of Ovintiv during the third quarter worth about $37,000. Flagship Harbor Advisors LLC purchased a new position in shares of Ovintiv during the fourth quarter worth about $38,000. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Ovintiv during the fourth quarter worth about $46,000. 83.81% of the stock is currently 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.