Ovintiv (NYSE:OVV) Given New $58.00 Price Target at Scotiabank

Ovintiv (NYSE:OVV) had its price target upped by stock analysts at Scotiabank from $51.00 to $58.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price target suggests a potential upside of 46.56% from the company’s previous close.

Several other research firms also recently weighed in on OVV. Morgan Stanley cut their price target on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. UBS Group raised their price objective on shares of Ovintiv from $54.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Wells Fargo & Company raised their price target on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, November 18th. William Blair started coverage on Ovintiv in a research report on Wednesday, November 26th. They set an “outperform” rating and a $50.00 price target on the stock. Finally, National Bankshares lowered their price target on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, October 22nd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.82.

Ovintiv Stock Performance

Shares of OVV traded down $0.12 on Tuesday, reaching $39.57. 1,484,059 shares of the company’s stock traded hands, compared to its average volume of 3,804,106. The stock’s 50 day simple moving average is $39.42 and its two-hundred day simple moving average is $39.73. The stock has a market cap of $10.02 billion, a PE ratio of 43.46, a PEG ratio of 2.13 and a beta of 0.76. Ovintiv has a 52-week low of $29.80 and a 52-week high of $46.35. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) 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 the consensus estimate of $1.86 billion. On average, analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the 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 sale, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of OVV. McIlrath & Eck LLC bought a new position in shares of Ovintiv in the third quarter worth about $31,000. IFP Advisors Inc increased its holdings in Ovintiv by 316.7% in the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after acquiring an additional 643 shares in the last quarter. Dogwood Wealth Management LLC bought a new stake in Ovintiv during the 2nd quarter worth approximately $35,000. Foster Dykema Cabot & Partners LLC purchased a new position in Ovintiv during the third quarter valued at approximately $36,000. Finally, HM Payson & Co. bought a new position in shares of Ovintiv in the third quarter worth approximately $36,000. 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.