Ovintiv (NYSE:OVV) Stock Price Target Raised at Scotia

Key Points

• Scotia raised Ovintiv’s price target from $70 to $75 while maintaining a “sector outperform” rating, implying approximately 24% upside from the stock’s $60.42 price.
• Analyst sentiment remains favorable overall: Ovintiv has a consensus “Moderate Buy” rating and an average price target of $69.67, supported by multiple recent rating or target increases.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, although revenue of $3.01 billion exceeded expectations of $2.37 billion.

Ovintiv (NYSE:OVV - Get Free Report) had its price target lifted by research analysts at Scotia from $70.00 to $75.00 in a report released on Friday, BayStreet reports. The brokerage presently has a "sector outperform" rating on the stock. Scotia's target price would suggest a potential upside of 24.12% from the stock's current price.

A number of other brokerages have also weighed in on OVV. Texas Capital raised shares of Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. Roth Capital raised their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, June 24th. Stephens reaffirmed a "positive" rating and issued a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. Truist Financial reaffirmed a "buy" rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Finally, Zacks Research cut Ovintiv from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Ovintiv has a consensus rating of "Moderate Buy" and an average price target of $69.67.

Ovintiv Trading Up 0.7%

Shares of OVV stock traded up $0.44 during trading hours on Friday, reaching $60.42. The company had a trading volume of 1,166,145 shares, compared to its average volume of 3,972,674. The company has a 50 day moving average of $62.84 and a 200 day moving average of $59.04. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $16.65 billion, a price-to-earnings ratio of 17.07 and a beta of 0.65. Ovintiv has a 1-year low of $35.47 and a 1-year high of $67.51.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. On average, equities research analysts anticipate that Ovintiv will post 7.29 EPS for the current year.

Insider Activity at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction dated Wednesday, August 12th. The shares were 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. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OVV. QRG Capital Management Inc. boosted its holdings in shares of Ovintiv by 15.0% during the second quarter. QRG Capital Management Inc. now owns 16,400 shares of the company's stock worth $863,000 after acquiring an additional 2,133 shares during the period. Core Capital Management & Research inc. bought a new position in Ovintiv during the 2nd quarter worth $4,716,000. Sequoia Financial Advisors LLC increased its position in Ovintiv by 18.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 33,268 shares of the company's stock worth $1,752,000 after buying an additional 5,160 shares during the period. Tidal Investments LLC lifted its holdings in shares of Ovintiv by 376.4% during the second quarter. Tidal Investments LLC now owns 162,405 shares of the company's stock worth $8,550,000 after buying an additional 128,312 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Ovintiv by 5.0% in the second quarter. Integrated Wealth Concepts LLC now owns 5,460 shares of the company's stock valued at $287,000 after acquiring an additional 260 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv News Summary

Here are the key news stories impacting Ovintiv this week:

• Positive Sentiment: Share buyback renewed: Ovintiv received approval to renew its normal-course issuer bid, supporting its commitment to return 50% to 100% of annual non-GAAP free cash flow through dividends and repurchases. The program reportedly covers up to 26.97 million shares, which could reduce the share count and enhance per-share value. Ovintiv Renews Annual Share Buy-Back Program
• Positive Sentiment: Analyst sees further upside: A National Bank Financial analyst expects Ovintiv’s stock price to rise, adding to the constructive tone around the shares. Ovintiv Stock Price Expected to Rise
• Positive Sentiment: EPS estimates raised: Zacks Research increased forecasts across multiple periods, including fiscal 2026 EPS to $6.71 from $6.70, fiscal 2027 EPS to $5.24 from $5.11, and fiscal 2028 EPS to $6.67 from $6.57. Its Q1 2027 estimate rose to $1.38 from $1.31, while Q3 2028 increased to $1.54 from $1.51. These revisions suggest somewhat improved earnings expectations. However, Zacks maintained a Hold rating, and its estimates remain below the roughly $7.28-$7.29 consensus for the current year.
• Neutral Sentiment: Overall signal remains measured: The buyback provides shareholder support, but the earnings-estimate increases are relatively small and do not represent a broad analyst-rating upgrade. Investors will continue to watch commodity prices, production results and upcoming quarterly earnings for stronger confirmation.

Ovintiv Company Profile

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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