National Bank Financial Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Key Points

• National Bank Financial raised Ovintiv’s price target from $91 to $94 and maintained an “outperform” rating, implying 33.88% upside from the prior close.
• Analyst sentiment remains broadly positive: Ovintiv has an average “Moderate Buy” rating and a consensus price target of $71, supported by multiple recent target increases.
• Shares traded at $70.21, near their 52-week high of $70.98, while the company reported quarterly EPS of $1.74—below expectations—but revenue of $3.01 billion exceeded forecasts.

Ovintiv (NYSE:OVV - Get Free Report) had its price objective increased by equities research analysts at National Bank Financial from $91.00 to $94.00 in a research note issued on Tuesday, BayStreet reports. The firm presently has an "outperform" rating on the stock. National Bank Financial's price target would indicate a potential upside of 33.88% from the stock's previous close.

A number of other equities research analysts have also recently commented on the stock. UBS Group reaffirmed a "buy" rating and set a $85.00 price objective on shares of Ovintiv in a research note on Monday, September 14th. Morgan Stanley lifted their target price on shares of Ovintiv from $67.00 to $71.00 and gave the company an "equal weight" rating in a report on Thursday, October 15th. Canadian Imperial Bank of Commerce boosted their target price on shares of Ovintiv from $65.00 to $75.00 and gave the company a "neutral" rating in a research note on Friday, October 9th. Royal Bank Of Canada boosted their target price on shares of Ovintiv from $85.00 to $90.00 and gave the company an "outperform" rating in a research note on Tuesday, October 13th. Finally, Wall Street Zen raised shares of Ovintiv from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Ovintiv currently has an average rating of "Moderate Buy" and an average price target of $71.00.

Ovintiv Stock Performance

Ovintiv stock traded up $0.17 during midday trading on Tuesday, hitting $70.21. 1,764,128 shares of the company were exchanged, compared to its average volume of 3,924,906. The firm has a market capitalization of $19.34 billion, a PE ratio of 19.82 and a beta of 0.65. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $70.98. The business has a fifty day simple moving average of $63.73 and a two-hundred day simple moving average of $59.57. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $2.37 billion. On average, sell-side analysts forecast that Ovintiv will post 7.54 earnings per share for the current year.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.85% of the company's stock.

Institutional Trading of Ovintiv

Institutional investors have recently bought and sold shares of the business. Steph & Co. acquired a new stake in Ovintiv in the 1st quarter valued at about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Ovintiv in the 2nd quarter worth approximately $32,000. Aberdeen Wealth Management LLC purchased a new position in Ovintiv in the 2nd quarter worth approximately $32,000. Markowski Investments purchased a new position in Ovintiv in the 2nd quarter worth approximately $39,000. Finally, Root Financial Partners LLC lifted its stake in Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after purchasing an additional 277 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Company Profile

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company's operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv's U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company's portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.

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