Ovintiv (NYSE:OVV) Upgraded by Wells Fargo & Company to “Strong-Buy” Rating

Wells Fargo & Company upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a report published on Wednesday morning,Zacks reports.

A number of other research analysts have also weighed in on the company. Zacks Research lowered Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. UBS Group increased their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Citigroup lifted their target price on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a report on Wednesday, July 29th. National Bank Financial increased their price target on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, July 8th. Finally, Seaport Research Partners assumed coverage on shares of Ovintiv in a research report on Thursday. They set a “neutral” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $66.95.

Ovintiv Stock Performance

Shares of OVV opened at $66.87 on Wednesday. The company has a market cap of $18.42 billion, a PE ratio of 18.89 and a beta of 0.53. The firm has a 50-day moving average of $60.05 and a 200-day moving average of $57.39. Ovintiv has a one year low of $35.47 and a one year high of $67.51. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities analysts forecast that Ovintiv will post 7.09 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s payout ratio is presently 33.90%.

Insider Activity at Ovintiv

In related news, EVP Rachel Maureen Moore sold 7,753 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.85% of the company’s stock.

Institutional Trading of Ovintiv

Institutional investors have recently bought and sold shares of the business. Stifel Financial Corp raised its position in shares of Ovintiv by 1.4% in the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after buying an additional 269 shares in the last quarter. CX Institutional grew its position in Ovintiv by 1.0% during the second quarter. CX Institutional now owns 28,363 shares of the company’s stock worth $1,493,000 after buying an additional 276 shares in the last quarter. Root Financial Partners LLC grew its position in Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after buying an additional 277 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares during the period. Finally, Sanctuary Advisors LLC increased its stake in Ovintiv by 2.6% during the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after acquiring an additional 324 shares during the period. 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.