Ovintiv (NYSE:OVV) Price Target Raised to $72.00

Key Points

• Truist raised its price target on Ovintiv to $72 (from $70) with a "buy" rating, implying about a 27.1% upside from the prior close; multiple other brokers have also bumped targets and the consensus target is $60.37 with a "Moderate Buy" analyst view (15 Buys, 6 Holds).
• Q4 earnings topped estimates: Ovintiv reported $1.39 EPS versus a $0.98 consensus and $1.89B revenue (in line), and analysts expect roughly 5.59 EPS for the current year, supporting a valuation of about a 11.7x P/E.
• Insiders have reduced positions (notably an EVP and a director selling shares), leaving insider ownership at 0.85%, while institutional investors hold 83.81% of the stock.

Ovintiv (NYSE:OVV - Get Free Report) had its price target raised by research analysts at Truist Financial from $70.00 to $72.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 27.10% from the company's previous close.

A number of other equities analysts have also issued reports on the company. Bank of America raised their price target on Ovintiv from $63.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, April 2nd. National Bank Financial raised their price target on Ovintiv from $56.00 to $58.00 and gave the stock an "outperform" rating in a report on Wednesday, February 25th. JPMorgan Chase & Co. initiated coverage on Ovintiv in a report on Wednesday, February 25th. They set an "overweight" rating and a $58.00 price target on the stock. Stephens raised Ovintiv to a "hold" rating in a report on Tuesday, February 3rd. Finally, TD Cowen boosted their price target on Ovintiv from $58.00 to $60.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. Fifteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat, Ovintiv has an average rating of "Moderate Buy" and a consensus target price of $60.37.

Ovintiv Stock Performance

NYSE OVV opened at $56.65 on Monday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv has a 52-week low of $31.90 and a 52-week high of $62.60. The business's 50-day moving average price is $52.97 and its 200 day moving average price is $44.08. The firm has a market cap of $16.05 billion, a P/E ratio of 11.73, a P/E/G ratio of 1.83 and a beta of 0.59.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 last year, the company posted ($0.23) earnings per share. On average, equities research analysts expect that Ovintiv will post 5.59 earnings per share for the current year.

Insider Buying and Selling at Ovintiv

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the company's stock in a transaction on Friday, March 13th. The stock was 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 directly owned 54,092 shares in the company, valued at $2,963,159.76. This represents a 17.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Howard John Mayson sold 5,000 shares of the company's stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently made changes to their positions in the company. McIlrath & Eck LLC acquired a new position in shares of Ovintiv during the third quarter valued at approximately $31,000. HM Payson & Co. acquired a new position in Ovintiv in the third quarter worth approximately $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in Ovintiv in the third quarter worth approximately $36,000. Quent Capital LLC acquired a new position in Ovintiv in the third quarter worth approximately $37,000. Finally, Flagship Harbor Advisors LLC acquired a new position in Ovintiv in the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 83.81% of the company's stock.

About Ovintiv

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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