Ovintiv (NYSE:OVV) Price Target Raised to $94.00

Ovintiv (NYSE:OVV) had its price target raised by National Bank Financial from $91.00 to $94.00 in a report issued on Tuesday morning,BayStreet reports. The firm currently has an outperform rating on the stock.

Several other equities analysts have also recently weighed in on OVV. Stifel Nicolaus set a $92.00 target price on shares of Ovintiv and gave the company a “buy” rating in a research note on Wednesday, September 9th. Scotia lifted their target price on shares of Ovintiv from $70.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Friday, October 2nd. Morgan Stanley upped their target price on Ovintiv from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Royal Bank Of Canada upped their price objective on Ovintiv from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, October 13th. Finally, Truist Financial raised their target price on shares of Ovintiv from $73.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, October 12th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $71.45.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $69.25 on Tuesday. Ovintiv has a one year low of $35.47 and a one year high of $70.98. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The stock’s 50-day moving average is $64.14 and its 200-day moving average is $59.81. The firm has a market cap of $19.08 billion, a price-to-earnings ratio of 11.34 and a beta of 0.65.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Equities analysts predict that Ovintiv will post 7.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the company’s stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of the business. Steph & Co. bought a new stake in shares of Ovintiv during the 1st quarter worth $29,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Ovintiv in the second quarter valued at about $32,000. Aberdeen Wealth Management LLC acquired a new stake in Ovintiv in the second quarter valued at about $32,000. Markowski Investments acquired a new stake in Ovintiv in the second quarter valued at about $39,000. Finally, Root Financial Partners LLC boosted its stake in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after buying an additional 277 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.