Ovintiv (NYSE:OVV) Now Covered by Analysts at Truist Financial

Key Points

• Truist initiated coverage on Ovintiv with a Buy rating and a $70 price target, implying roughly a 22.9% upside from the prior close.
• Ovintiv beat quarterly EPS estimates ($1.39 vs. $0.98) with $1.89B in revenue, trades at a P/E of 11.77, and analysts expect about 5.59 EPS for the current fiscal year.
• Analyst sentiment is broadly positive—14 Buys and 6 Holds—resulting in a MarketBeat consensus rating of "Moderate Buy" and an average price target of $56.89, with recent upgrades from UBS and Barclays.

Truist Financial initiated coverage on shares of Ovintiv (NYSE:OVV - Get Free Report) in a research note issued to investors on Tuesday. The brokerage set a "buy" rating and a $70.00 price target on the stock. Truist Financial's target price points to a potential upside of 22.93% from the company's previous close.

Other research analysts have also recently issued reports about the company. Barclays increased their price objective on Ovintiv from $58.00 to $62.00 and gave the company an "overweight" rating in a report on Monday, March 16th. Wells Fargo & Company upped their price target on Ovintiv from $42.00 to $54.00 and gave the company an "equal weight" rating in a report on Thursday, March 19th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Ovintiv in a research note on Monday, December 29th. UBS Group raised their price objective on shares of Ovintiv from $61.00 to $69.00 and gave the stock a "buy" rating in a report on Thursday, March 5th. Finally, William Blair initiated coverage on shares of Ovintiv in a research report on Wednesday, November 26th. They set an "outperform" rating and a $50.00 price objective for the company. Fourteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Ovintiv currently has an average rating of "Moderate Buy" and a consensus price target of $56.89.

Ovintiv Price Performance

Ovintiv stock opened at $56.94 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The company has a fifty day simple moving average of $47.93 and a 200-day simple moving average of $42.38. The stock has a market cap of $16.13 billion, a P/E ratio of 11.77, a price-to-earnings-growth ratio of 2.93 and a beta of 0.69. Ovintiv has a 12-month low of $29.80 and a 12-month high of $58.00.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. During the same quarter in the prior year, the company posted ($0.23) earnings per share. Equities analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of Ovintiv 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 transaction, the director owned 45,780 shares of the company's stock, valued at $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 value of $634,461.96. Following the completion of the sale, the executive vice president owned 54,092 shares of the company's stock, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 1.70% of the company's stock.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of OVV. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Ovintiv by 296.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 79,012 shares of the company's stock worth $3,134,000 after buying an additional 59,069 shares during the period. Citigroup Inc. raised its stake in Ovintiv by 42.1% during the 3rd quarter. Citigroup Inc. now owns 174,090 shares of the company's stock valued at $7,030,000 after acquiring an additional 51,562 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new stake in Ovintiv during the 3rd quarter worth approximately $1,816,000. Moody Aldrich Partners LLC lifted its position in Ovintiv by 152.1% during the 3rd quarter. Moody Aldrich Partners LLC now owns 140,423 shares of the company's stock worth $5,670,000 after acquiring an additional 84,730 shares during the period. Finally, Savant Capital LLC grew its stake in shares of Ovintiv by 412.9% in the 3rd quarter. Savant Capital LLC now owns 36,771 shares of the company's stock valued at $1,485,000 after purchasing an additional 29,602 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

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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