Ovintiv (NYSE:OVV) Price Target Cut to $70.00 by Analysts at Truist Financial

Key Points

• Truist Financial lowered its price target on Ovintiv from $72 to $70, while keeping a buy rating. That implies about 21.9% upside from the stock’s current price.
• Other analysts remain mixed but generally constructive: Citigroup has a neutral rating with a $62 target, while Mizuho and National Bank Financial raised their targets and kept outperform ratings. Overall, Ovintiv has a Moderate Buy consensus with an average target of $62.05.
• Ovintiv recently reported better-than-expected quarterly results, posting EPS of $2.00 versus $1.85 expected and revenue of $2.40 billion versus $2.38 billion expected. The stock was trading around $57.43 and the company has a market cap of about $16.27 billion.

Ovintiv (NYSE:OVV - Get Free Report) had its target price lowered by equities research analysts at Truist Financial from $72.00 to $70.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price objective would indicate a potential upside of 21.90% from the company's current price.

Several other research firms have also recently weighed in on OVV. Citigroup restated a "neutral" rating and issued a $62.00 price objective (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Mizuho raised their price objective on shares of Ovintiv from $68.00 to $69.00 and gave the company an "outperform" rating in a research report on Wednesday. Wall Street Zen cut shares of Ovintiv from a "buy" rating to a "hold" rating in a research report on Saturday, May 2nd. National Bank Financial raised their price objective on shares of Ovintiv from $80.00 to $82.00 and gave the company an "outperform" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. began coverage on shares of Ovintiv in a research report on Wednesday, February 25th. They issued an "overweight" rating and a $58.00 price objective for the company. Fifteen analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $62.05.

Ovintiv Price Performance

Shares of Ovintiv stock traded down $0.67 during mid-day trading on Wednesday, reaching $57.43. 945,024 shares of the stock were exchanged, compared to its average volume of 4,671,966. 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 market cap of $16.27 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 1.66 and a beta of 0.57. Ovintiv has a fifty-two week low of $34.88 and a fifty-two week high of $63.46. The firm has a 50-day simple moving average of $56.85 and a 200 day simple moving average of $46.68.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.15. The firm had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.43%. On average, sell-side analysts predict that Ovintiv will post 7.59 EPS for the current fiscal year.

Insider Activity at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv 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 sale, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 sale, the director owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their position. The SEC filing for this sale provides additional information. 0.85% of the stock is owned by insiders.

Institutional Investors Weigh In On Ovintiv

Several institutional investors have recently modified their holdings of OVV. Stifel Financial Corp raised its stake in shares of Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock worth $749,000 after purchasing an additional 269 shares during the period. Root Financial Partners LLC raised its stake in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after purchasing an additional 277 shares during the period. Deseret Mutual Benefit Administrators raised its stake in shares of Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock worth $52,000 after purchasing an additional 287 shares during the period. Fiduciary Financial Group LLC raised its stake in shares of Ovintiv by 3.2% during the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company's stock worth $371,000 after purchasing an additional 297 shares during the period. Finally, Sanctuary Advisors LLC raised its stake in shares of Ovintiv by 2.6% during the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company's stock worth $773,000 after purchasing an additional 324 shares during the period. Institutional investors and hedge funds 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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