Mizuho Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price objective boosted by Mizuho from $68.00 to $69.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Mizuho’s price target would suggest a potential upside of 18.77% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Royal Bank Of Canada raised their price objective on shares of Ovintiv from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, April 8th. Citigroup reaffirmed a “neutral” rating and set a $62.00 price objective (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. National Bank Financial raised their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday. Wall Street Zen downgraded shares of Ovintiv from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, JPMorgan Chase & Co. started coverage on shares of Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price objective for the company. Fifteen equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $62.16.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $58.09 on Wednesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. Ovintiv has a fifty-two week low of $34.88 and a fifty-two week high of $63.46. The firm has a fifty day moving average price of $56.85 and a two-hundred day moving average price of $46.68. The company has a market cap of $16.46 billion, a PE ratio of 18.74, a price-to-earnings-growth ratio of 1.66 and a beta of 0.57.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a net margin of 8.51% and a return on equity of 13.43%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.38 billion. Analysts expect that Ovintiv will post 7.59 EPS for the current year.

Insider Activity

In related news, Director Howard John Mayson sold 5,000 shares of Ovintiv 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 completion of the transaction, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This trade represents a 9.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv 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 directly owned 54,092 shares of the company’s stock, 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. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Several institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. lifted its holdings in Ovintiv by 13.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 17,414 shares of the company’s stock valued at $1,034,000 after purchasing an additional 2,027 shares during the last quarter. Amova Asset Management Americas Inc. bought a new position in Ovintiv during the 1st quarter valued at about $1,710,000. Meeder Advisory Services Inc. bought a new position in Ovintiv during the 1st quarter valued at about $444,000. KBC Group NV lifted its holdings in Ovintiv by 82.6% during the 1st quarter. KBC Group NV now owns 168,150 shares of the company’s stock valued at $9,981,000 after purchasing an additional 76,043 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in Ovintiv by 10.7% during the 1st quarter. Swiss National Bank now owns 560,900 shares of the company’s stock valued at $33,295,000 after purchasing an additional 54,100 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

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.