Ovintiv (NYSE:OVV) Rating Reiterated by Mizuho

Ovintiv (NYSE:OVV - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Mizuho in a note issued to investors on Thursday, Benzinga reports. They currently have a $58.00 price objective on the stock. Mizuho's price target would indicate a potential upside of 6.46% from the company's previous close.

Several other brokerages have also issued reports on OVV. Morgan Stanley boosted their price target on shares of Ovintiv from $48.00 to $49.00 and gave the company an "equal weight" rating in a report on Thursday, March 28th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $46.00 to $44.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 17th. Royal Bank of Canada increased their price objective on Ovintiv from $48.00 to $49.00 and gave the company a "sector perform" rating in a research report on Thursday, February 29th. UBS Group reduced their price objective on Ovintiv from $63.00 to $57.00 and set a "buy" rating for the company in a research report on Thursday, December 14th. Finally, Citigroup boosted their price objective on Ovintiv from $52.00 to $58.00 and gave the company a "buy" rating in a research report on Monday, March 18th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $53.94.

Ovintiv Price Performance

Ovintiv stock traded up $0.36 during mid-day trading on Thursday, hitting $54.48. 2,268,366 shares of the company traded hands, compared to its average volume of 3,233,575. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60. Ovintiv has a one year low of $32.07 and a one year high of $54.62. The stock has a fifty day moving average price of $47.25 and a 200-day moving average price of $45.82. The stock has a market cap of $14.65 billion, a price-to-earnings ratio of 6.86 and a beta of 2.65.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 earnings per share (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 analysts' expectations of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. On average, equities analysts predict that Ovintiv will post 5.79 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the firm's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares of the company's stock, valued at approximately $1,206,325.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Howard John Mayson sold 6,000 shares of the business's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the sale, the director now directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the business's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the transaction, the executive vice president now owns 23,672 shares of the company's stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 91,564 shares of company stock worth $4,660,818. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently made changes to their positions in the stock. EnCap Energy Capital Fund XI L.P. purchased a new stake in Ovintiv in the 2nd quarter valued at $559,852,000. EnCap Energy Capital Fund X L.P. purchased a new position in Ovintiv in the second quarter valued at approximately $380,527,000. EnCap Energy Capital Fund IX L.P. acquired a new stake in shares of Ovintiv during the second quarter worth approximately $269,394,000. State Street Corp boosted its holdings in Ovintiv by 38.8% in the second 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. Finally, Vanguard Group Inc. raised its stake in shares of Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company's stock valued at $1,285,816,000 after purchasing an additional 2,484,554 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Company Profile

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.