Ovintiv (NYSE:OVV) Given a $70.00 Price Target by Royal Bank Of Canada Analysts

Ovintiv (NYSE:OVV) has been given a $70.00 target price by investment analysts at Royal Bank Of Canada in a research note issued to investors on Monday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target would indicate a potential upside of 29.03% from the stock’s previous close.

Other analysts also recently issued reports about the company. Bank of America upped their price objective on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Zacks Research cut Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Citigroup reiterated a “neutral” rating and set a $62.00 price target (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Wells Fargo & Company upgraded Ovintiv from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $57.00 to $80.00 in a research report on Monday. Finally, Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Fifteen equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $64.21.

Ovintiv Price Performance

NYSE:OVV traded up $1.84 during mid-day trading on Monday, reaching $54.25. The stock had a trading volume of 2,358,266 shares, compared to its average volume of 4,371,138. The stock has a 50-day simple moving average of $57.18 and a two-hundred day simple moving average of $50.36. The stock has a market capitalization of $15.25 billion, a PE ratio of 17.48 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. Ovintiv has a 12 month low of $35.47 and a 12 month high of $63.46.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The firm had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. On average, equities analysts anticipate that Ovintiv will post 8.17 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Steph & Co. purchased a new position in Ovintiv in the first quarter worth $29,000. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Ovintiv during the 3rd quarter valued at $36,000. Flagship Harbor Advisors LLC bought a new stake in Ovintiv in the 4th quarter worth approximately $38,000. Los Angeles Capital Management LLC bought a new stake in Ovintiv in the fourth quarter worth $46,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

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.