Ovintiv (NYSE:OVV) Earns “Outperform” Rating from Royal Bank Of Canada

Ovintiv (NYSE:OVV)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank Of Canada in a note issued to investors on Thursday,MarketScreener reports. They currently have a $55.00 target price on the stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 26.70% from the company’s previous close.

A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group restated a “buy” rating and issued a $54.00 price target on shares of Ovintiv in a report on Saturday, January 17th. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. William Blair initiated coverage on shares of Ovintiv in a report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective for the company. Citigroup cut their target price on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, November 18th. Finally, Wells Fargo & Company boosted their price target on shares of Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, November 18th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.82.

Ovintiv Trading Down 0.1%

Shares of Ovintiv stock opened at $43.41 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45. The company has a market capitalization of $10.99 billion, a P/E ratio of 47.70, a P/E/G ratio of 2.56 and a beta of 0.76. Ovintiv has a 1 year low of $29.80 and a 1 year high of $45.96. The business has a 50 day moving average price of $39.95 and a 200 day moving average price of $39.81.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The business had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. Sell-side analysts anticipate that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Activity

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the sale, the chief operating officer directly owned 105,867 shares in the company, valued at $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of OVV. McIlrath & Eck LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $31,000. IFP Advisors Inc boosted its stake in Ovintiv by 316.7% in the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after acquiring an additional 643 shares during the last quarter. HM Payson & Co. acquired a new stake in Ovintiv during the 3rd quarter worth $36,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Ovintiv during the 3rd quarter valued at $36,000. Finally, Quent Capital LLC acquired a new position in shares of Ovintiv in the 3rd quarter valued at $37,000. 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.