Ovintiv’s (OVV) “Neutral” Rating Reiterated at Citigroup

Citigroup restated their neutral rating on shares of Ovintiv (NYSE:OVV) in a research note released on Monday, Marketbeat reports. They currently have a $62.00 price target on the stock, up from their previous price target of $52.00.

OVV has been the topic of a number of other reports. JPMorgan Chase & Co. started coverage on shares of Ovintiv in a research note on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 price target on the stock. UBS Group boosted their price objective on Ovintiv from $61.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Barclays increased their target price on Ovintiv from $58.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, March 16th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $54.00 price target on shares of Ovintiv in a research note on Saturday, January 17th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a research report on Thursday, February 19th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $58.67.

Ovintiv Stock Performance

NYSE:OVV opened at $57.39 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market capitalization of $16.26 billion, a PE ratio of 11.86, a P/E/G ratio of 2.13 and a beta of 0.59. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $62.60. The company has a fifty day moving average of $50.74 and a two-hundred day moving average of $43.26.

Ovintiv (NYSE:OVV) last announced its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter last year, the business earned ($0.23) earnings per share. As a group, research analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Ovintiv’s dividend payout ratio is 24.79%.

Insider Buying and Selling

In other news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVV. AQR Capital Management LLC grew its holdings in shares of Ovintiv by 263.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after purchasing an additional 3,589,030 shares during the period. Millennium Management LLC increased its position in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Ovintiv by 143.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after buying an additional 2,205,233 shares during the period. Dimensional Fund Advisors LP lifted its position in Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after buying an additional 1,927,193 shares during the last quarter. Finally, Goldentree Asset Management LP acquired a new position in Ovintiv in the fourth quarter valued at about $61,528,000. 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.