Ovintiv (NYSE:OVV) Price Target Raised to $91.00

by · The Markets Daily

Ovintiv (NYSE:OVV – Get Free Report) had its price target boosted by research analysts at National Bank Financial from $83.00 to $91.00 in a research report issued to clients and investors on Wednesday, BayStreet reports. The firm presently has an “outperform” rating on the stock. National Bank Financial’s target price points to a potential upside of 54.78% from the stock’s current price.

Several other analysts have also recently commented on OVV. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Stephens reissued a “positive” rating and set a $69.00 price objective on shares of Ovintiv in a research note on Friday, July 24th. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Finally, UBS Group reaffirmed a “buy” rating and issued a $85.00 target price on shares of Ovintiv in a research note on Monday, September 14th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $69.15.

View Our Latest Stock Analysis on OVV

Ovintiv Trading Down 1.2%

Shares of NYSE OVV opened at $58.79 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a 50-day moving average of $62.93 and a two-hundred day moving average of $58.99. Ovintiv has a 1-year low of $35.47 and a 1-year high of $67.51. The company has a market cap of $16.20 billion, a PE ratio of 16.61 and a beta of 0.53.

Ovintiv (NYSE:OVV – Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, equities analysts expect that Ovintiv will post 7.28 earnings per share for the current fiscal year.

Insider Transactions at Ovintiv

In related news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. increased its position in shares of Ovintiv by 15.0% during the second quarter. QRG Capital Management Inc. now owns 16,400 shares of the company’s stock worth $863,000 after acquiring an additional 2,133 shares in the last quarter. Core Capital Management & Research inc. bought a new stake in Ovintiv in the 2nd quarter valued at $4,716,000. Sequoia Financial Advisors LLC boosted its stake in Ovintiv by 18.4% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 33,268 shares of the company’s stock worth $1,752,000 after purchasing an additional 5,160 shares during the period. Tidal Investments LLC boosted its stake in Ovintiv by 376.4% in the 2nd quarter. Tidal Investments LLC now owns 162,405 shares of the company’s stock worth $8,550,000 after purchasing an additional 128,312 shares during the period. Finally, Integrated Wealth Concepts LLC increased its holdings in Ovintiv by 5.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 5,460 shares of the company’s stock worth $287,000 after purchasing an additional 260 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

(Get Free Report)

Ovintiv Inc (NYSE: OVV) is an energy company engaged in the exploration, development, production and operation of oil and natural gas properties. Its production includes crude oil, condensate, plant condensate, natural gas liquids and natural gas.

The company’s operations are concentrated in North America, with core assets in the Permian Basin, Uinta Basin and Anadarko Basin in the United States, as well as the Montney region in western Canada. Ovintiv also owns and operates related processing, gathering and other midstream infrastructure that supports the production and transportation of its energy products.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.

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