Ovintiv (NYSE:OVV) Given New $70.00 Price Target at Scotiabank

Ovintiv (NYSE:OVV) had its target price boosted by research analysts at Scotiabank from $67.00 to $70.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 15.75% from the company’s previous close.

OVV has been the subject of a number of other research reports. Morgan Stanley assumed coverage on Ovintiv in a research note on Friday, March 27th. They issued an “equal weight” rating and a $68.00 price target for the company. Roth Mkm raised their price target on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $70.00 price target on shares of Ovintiv in a research note on Wednesday, May 13th. The Goldman Sachs Group raised their price target on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Finally, Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.32.

Ovintiv Trading Down 0.7%

Shares of Ovintiv stock traded down $0.41 on Wednesday, hitting $60.48. The stock had a trading volume of 1,069,899 shares, compared to its average volume of 4,629,924. The stock’s 50-day simple moving average is $57.58 and its two-hundred day simple moving average is $47.46. Ovintiv has a one year low of $34.88 and a one year high of $63.46. The stock has a market cap of $17.00 billion, a price-to-earnings ratio of 19.54 and a beta of 0.57. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.38 billion. As a group, sell-side analysts predict that Ovintiv will post 8.27 EPS for the current year.

Insider Buying and Selling at Ovintiv

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 transaction of $261,950.00. Following the completion of the transaction, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This represents a 17.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of OVV. Steph & Co. bought a new position in Ovintiv in the 1st quarter worth about $29,000. Foster Dykema Cabot & Partners LLC bought a new position in Ovintiv in the 3rd quarter worth about $36,000. Flagship Harbor Advisors LLC bought a new position in Ovintiv in the 4th quarter worth about $38,000. Los Angeles Capital Management LLC bought a new position in Ovintiv in the 4th quarter worth about $46,000. Finally, Deseret Mutual Benefit Administrators boosted its stake in Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.