Ovintiv (NYSE:OVV) Given New $70.00 Price Target at Scotiabank

Key Points

• Scotiabank raised Ovintiv’s price target from $67 to $70 and kept a “sector outperform” rating, implying about 15.75% upside from the previous close.
• Analysts remain broadly positive on the stock, with an average “Moderate Buy” rating and a consensus price target of $62.32 despite some mixed target changes from other firms.
• Ovintiv beat quarterly earnings expectations, reporting $2.00 EPS versus the $1.85 estimate and revenue of $2.40 billion, while the stock traded down 0.7% to $60.48 on Wednesday.

Ovintiv (NYSE:OVV - Get Free Report) had its price objective increased by stock analysts at Scotiabank from $67.00 to $70.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "sector outperform" rating on the stock. Scotiabank's target price suggests a potential upside of 15.75% from the company's previous close.

A number of other brokerages also recently weighed in on OVV. TD Cowen boosted their price target on shares of Ovintiv from $58.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Stephens upgraded Ovintiv to a "hold" rating in a research note on Tuesday, February 3rd. Truist Financial lowered their price objective on Ovintiv from $72.00 to $70.00 and set a "buy" rating on the stock in a research note on Wednesday, May 13th. National Bank Financial boosted their price objective on Ovintiv from $80.00 to $82.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. Finally, JPMorgan Chase & Co. began coverage on Ovintiv in a research note on Wednesday, February 25th. They issued an "overweight" rating and a $58.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $62.32.

Ovintiv Stock Down 0.7%

Shares of Ovintiv stock traded down $0.41 during trading hours on Wednesday, reaching $60.48. The company's stock had a trading volume of 1,069,899 shares, compared to its average volume of 4,629,924. Ovintiv has a one year low of $34.88 and a one year high of $63.46. The company has a market capitalization of $17.00 billion, a P/E ratio of 19.54 and a beta of 0.57. The stock's fifty day simple moving average is $57.58 and its two-hundred day simple moving average is $47.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating analysts' consensus estimates of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. On average, research analysts forecast that Ovintiv will post 8.27 earnings per share for the current year.

Insider Activity at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the business's stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares of the company's stock, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard John Mayson sold 5,000 shares of the company's stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director owned 45,780 shares in the company, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC grew its position in Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company's stock valued at $391,000 after acquiring an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC bought a new position in shares of Ovintiv in the first quarter worth approximately $202,000. Focus Partners Wealth grew its holdings in shares of Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after purchasing an additional 6,364 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock worth $78,000 after purchasing an additional 589 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Ovintiv by 103.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company's stock worth $126,000 after purchasing an additional 1,675 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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