Ovintiv (NYSE:OVV) Price Target Raised to $91.00

Key Points

• National Bank Financial raised Ovintiv’s price target to $91 from $83 and maintained an “outperform” rating, implying 54.78% upside from the reported $58.79 share price.
• Analyst sentiment is broadly positive: Ovintiv has a consensus “Moderate Buy” rating and a $69.15 average target price, with 19 Buy, one Strong Buy, and three Hold ratings.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, while revenue of $3.01 billion exceeded expectations of $2.37 billion; institutional investors own 83.81% of the stock.

Ovintiv (NYSE:OVV - Get Free Report) had its price objective hoisted by stock analysts at National Bank Financial from $83.00 to $91.00 in a research note issued to investors on Wednesday, BayStreet reports. The firm currently has an "outperform" rating on the stock. National Bank Financial's price target indicates a potential upside of 54.78% from the company's current price.

OVV has been the topic of several other reports. Morgan Stanley set a $67.00 target price on shares of Ovintiv in a research report on Wednesday, August 19th. Wall Street Zen raised Ovintiv from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. Truist Financial reiterated a "buy" rating and set a $73.00 price target (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Seaport Research Partners began coverage on Ovintiv in a report on Thursday, September 3rd. They set a "neutral" rating on the stock. Finally, Stifel Nicolaus set a $92.00 price objective on Ovintiv and gave the company a "buy" rating in a research note on Wednesday, September 9th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $69.15.

Ovintiv Price Performance

Shares of OVV opened at $58.79 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $16.20 billion, a PE ratio of 16.61 and a beta of 0.53. The firm's 50 day moving average price is $62.93 and its 200 day moving average price is $58.99. Ovintiv has a twelve month low of $35.47 and a twelve month high of $67.51.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, research analysts expect that Ovintiv will post 7.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares of the company's stock, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Ovintiv

A number of hedge funds have recently bought and sold shares of OVV. BlackRock Inc. bought a new position in Ovintiv during the 2nd quarter valued at about $1,422,959,000. Millennium Management LLC grew its stake in Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock worth $223,101,000 after buying an additional 3,060,691 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Ovintiv during the second quarter worth approximately $124,308,000. Bank of America Corp DE acquired a new stake in shares of Ovintiv during the second quarter worth approximately $79,475,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company's stock valued at $467,874,000 after acquiring an additional 1,137,162 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

About Ovintiv

Ovintiv Inc NYSE: OVV is an energy company engaged in the exploration, development, production and operation of oil and natural gas properties. Its production includes crude oil, condensate, plant condensate, natural gas liquids and natural gas.

The company's operations are concentrated in North America, with core assets in the Permian Basin, Uinta Basin and Anadarko Basin in the United States, as well as the Montney region in western Canada. Ovintiv also owns and operates related processing, gathering and other midstream infrastructure that supports the production and transportation of its energy products.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.

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