Barclays Initiates Coverage on Ovintiv (NYSE:OVV)

Research analysts at Barclays began coverage on shares of Ovintiv (NYSE:OVV - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set an "overweight" rating and a $69.00 price target on the stock. Barclays's target price indicates a potential upside of 24.28% from the company's current price.

OVV has been the subject of several other research reports. Royal Bank of Canada increased their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the company a "sector perform" rating in a report on Thursday, February 29th. Scotiabank lowered their target price on shares of Ovintiv from $53.00 to $50.00 and set an "outperform" rating for the company in a research note on Tuesday, January 16th. The Goldman Sachs Group raised their target price on shares of Ovintiv from $47.00 to $56.00 and gave the company a "neutral" rating in a research note on Tuesday, March 26th. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $46.00 to $44.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 17th. Finally, Citigroup raised their target price on shares of Ovintiv from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, March 18th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Ovintiv has a consensus rating of "Moderate Buy" and a consensus target price of $54.94.

Ovintiv Stock Down 0.1 %

OVV stock traded down $0.04 during midday trading on Wednesday, hitting $55.52. The company's stock had a trading volume of 3,208,104 shares, compared to its average volume of 3,188,835. The company has a market cap of $14.93 billion, a PE ratio of 7.04 and a beta of 2.65. Ovintiv has a 12 month low of $32.07 and a 12 month high of $55.95. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. The firm's 50-day moving average is $48.48 and its 200-day moving average is $46.13.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $1.94 by $0.41. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. On average, equities research analysts forecast that Ovintiv will post 6.02 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Howard John Mayson sold 6,000 shares of the company's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares in the company, valued at approximately $1,862,630.40. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Howard John Mayson sold 6,000 shares of the company's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares in the company, valued at approximately $1,862,630.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Rachel Maureen Moore sold 9,300 shares of the company's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares of the company's stock, valued at approximately $2,662,012.05. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,564 shares of company stock worth $4,660,818. Corporate insiders own 0.97% of the company's stock.

Institutional Trading of Ovintiv

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Ovintiv by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company's stock worth $1,285,816,000 after purchasing an additional 2,484,554 shares during the period. FMR LLC boosted its stake in Ovintiv by 2.3% during the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company's stock worth $1,088,289,000 after purchasing an additional 507,562 shares during the period. State Street Corp boosted its stake in Ovintiv by 38.8% during the 2nd quarter. State Street Corp now owns 9,748,971 shares of the company's stock worth $371,143,000 after purchasing an additional 2,724,998 shares during the period. Smead Capital Management Inc. boosted its stake in Ovintiv by 2.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,524,515 shares of the company's stock worth $262,801,000 after purchasing an additional 136,016 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Ovintiv by 63.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company's stock worth $213,604,000 after purchasing an additional 1,530,397 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.