Ovintiv (NYSE:OVV) Receives “Outperform” Rating from Royal Bank Of Canada

Ovintiv (NYSE:OVV)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank Of Canada in a research note issued to investors on Thursday,MarketScreener reports. They currently have a $55.00 target price on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 26.70% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Scotiabank lifted their price objective on shares of Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a research note on Tuesday, January 20th. UBS Group reiterated a “buy” rating on shares of Ovintiv in a research report on Thursday, January 22nd. JPMorgan Chase & Co. reduced their price target on Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a research report on Friday, October 3rd. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. One equities research 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. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average price target of $51.82.

Ovintiv Stock Performance

Shares of OVV stock opened at $43.41 on Thursday. Ovintiv has a 12 month low of $29.80 and a 12 month high of $45.96. The company’s fifty day simple moving average is $39.95 and its 200-day simple moving average is $39.81. The firm has a market cap of $10.99 billion, a PE ratio of 47.70, a P/E/G ratio of 2.56 and a beta of 0.76. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The firm had revenue of $2.07 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. Equities research analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Activity at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OVV. State of New Jersey Common Pension Fund D boosted its holdings in Ovintiv by 6.8% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 83,788 shares of the company’s stock worth $3,284,000 after acquiring an additional 5,304 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Ovintiv in the 4th quarter worth $278,000. M&T Bank Corp grew its position in Ovintiv by 107.0% in the 4th quarter. M&T Bank Corp now owns 16,095 shares of the company’s stock valued at $631,000 after purchasing an additional 8,318 shares during the period. Pictet Asset Management Holding SA increased its stake in Ovintiv by 6.7% during the 4th quarter. Pictet Asset Management Holding SA now owns 39,148 shares of the company’s stock valued at $1,534,000 after purchasing an additional 2,467 shares in the last quarter. Finally, UBS Group AG raised its holdings in Ovintiv by 8.3% during the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after buying an additional 76,846 shares during the last quarter. 83.81% of the stock is owned by 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.