Ovintiv (NYSE:OVV) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Ovintiv (NYSE:OVV) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other equities analysts have also recently issued reports on OVV. UBS Group decreased their price objective on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Barclays boosted their price objective on shares of Ovintiv from $58.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, March 16th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 2nd. Stephens upgraded shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Finally, TD Cowen boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Fifteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.42.

Ovintiv Price Performance

OVV stock opened at $53.39 on Friday. The firm’s 50-day moving average price is $54.12 and its two-hundred day moving average price is $44.65. Ovintiv has a 12-month low of $32.16 and a 12-month high of $62.60. The stock has a market capitalization of $15.13 billion, a price-to-earnings ratio of 11.03, a PEG ratio of 1.72 and a beta of 0.59. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter in the previous year, the company earned ($0.23) earnings per share. As a group, equities analysts predict that Ovintiv will post 6.52 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, March 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. Ovintiv’s payout ratio is currently 24.79%.

Insider Activity

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

Hedge Funds Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. grew its holdings in Ovintiv by 42.1% in the third quarter. Citigroup Inc. now owns 174,090 shares of the company’s stock worth $7,030,000 after purchasing an additional 51,562 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Ovintiv by 296.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company’s stock worth $3,134,000 after purchasing an additional 59,069 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in Ovintiv in the third quarter worth about $1,816,000. Savant Capital LLC grew its holdings in Ovintiv by 412.9% in the third quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock worth $1,485,000 after purchasing an additional 29,602 shares during the period. Finally, Moody Aldrich Partners LLC grew its holdings in Ovintiv by 152.1% in the third quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company’s stock worth $5,670,000 after purchasing an additional 84,730 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.