Ovintiv Inc. (NYSE:OVV) Receives $51.25 Consensus PT from Brokerages

Ovintiv Inc. (NYSE:OVV) has been given a consensus rating of “Moderate Buy” by the nineteen research firms that are presently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $51.4118.

OVV has been the subject of several analyst reports. Roth Capital started coverage on shares of Ovintiv in a research report on Monday, October 13th. They set a “neutral” rating and a $42.00 price target for the company. Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Royal Bank Of Canada set a $55.00 price objective on Ovintiv and gave the stock an “outperform” rating in a research report on Wednesday, October 15th. William Blair assumed coverage on Ovintiv in a research note on Wednesday, November 26th. They set an “outperform” rating and a $50.00 target price on the stock. Finally, Morgan Stanley decreased their target price on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th.

Ovintiv Price Performance

OVV opened at $39.71 on Tuesday. 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 stock’s 50 day simple moving average is $39.40 and its 200 day simple moving average is $39.74. The firm has a market cap of $10.06 billion, a price-to-earnings ratio of 43.64, a PEG ratio of 2.13 and a beta of 0.76. Ovintiv has a 1 year low of $29.80 and a 1 year high of $46.35.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%.The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.86 billion. As a group, analysts predict that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, December 15th. Ovintiv’s dividend payout ratio (DPR) is currently 131.87%.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the business’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 transaction, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.70% of the company’s stock.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of the stock. 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 acquiring an additional 3,589,030 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after purchasing an additional 2,205,233 shares during the period. Dimensional Fund Advisors LP grew its stake in Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after purchasing an additional 1,927,193 shares during the period. Evergreen Capital Management LLC bought a new position in Ovintiv in the third quarter worth $60,866,000. Finally, Qube Research & Technologies Ltd purchased a new position in Ovintiv during the second quarter valued at $41,701,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.