Ovintiv (NYSE:OVV) Price Target Raised to $82.00 at National Bank Financial

Key Points

• National Bank Financial raised Ovintiv’s price target from $80 to $82 and kept an outperform rating, implying about 40% upside from the prior close.
• Other analysts have also been constructive on the stock, with several recent target increases; overall, Ovintiv now has a Moderate Buy consensus and a $62.11 average price target.
• Ovintiv recently reported better-than-expected earnings of $1.39 per share, while the stock was trading near $58.40 and has risen substantially from its 52-week low.

Ovintiv (NYSE:OVV - Get Free Report) had its price objective lifted by analysts at National Bank Financial from $80.00 to $82.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. National Bank Financial's price objective points to a potential upside of 40.41% from the stock's previous close.

Several other equities research analysts have also weighed in on the company. TD Cowen boosted their target price on Ovintiv from $58.00 to $60.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Wells Fargo & Company set a $55.00 target price on Ovintiv in a report on Monday, April 20th. Barclays upped their price target on Ovintiv from $62.00 to $68.00 and gave the stock an "overweight" rating in a report on Tuesday. JPMorgan Chase & Co. began coverage on Ovintiv in a report on Wednesday, February 25th. They set an "overweight" rating and a $58.00 price target for the company. Finally, Truist Financial upped their price target on Ovintiv from $70.00 to $72.00 and gave the stock a "buy" rating in a report on Monday, April 13th. Fifteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $62.11.

Ovintiv Stock Performance

OVV traded down $0.69 on Tuesday, hitting $58.40. The company had a trading volume of 4,648,411 shares, compared to its average volume of 4,688,489. The company's fifty day moving average price is $56.70 and its 200 day moving average price is $46.53. Ovintiv has a 1-year low of $34.88 and a 1-year high of $63.46. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. The stock has a market cap of $16.55 billion, a price-to-earnings ratio of 12.10, a price-to-earnings-growth ratio of 1.94 and a beta of 0.57.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $1.89 billion. During the same period in the previous year, the company earned ($0.23) EPS. Equities analysts predict that Ovintiv will post 6.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Howard John Mayson sold 5,000 shares of the business'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 sale, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 sale, the executive vice president owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.85% of the company's stock.

Institutional Trading of Ovintiv

A number of large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its position in Ovintiv by 13.2% in the first quarter. PNC Financial Services Group Inc. now owns 17,414 shares of the company's stock valued at $1,034,000 after acquiring an additional 2,027 shares during the period. Amova Asset Management Americas Inc. bought a new stake in Ovintiv in the first quarter valued at $1,710,000. Meeder Advisory Services Inc. bought a new stake in Ovintiv in the first quarter valued at $444,000. KBC Group NV grew its position in Ovintiv by 82.6% in the first quarter. KBC Group NV now owns 168,150 shares of the company's stock valued at $9,981,000 after acquiring an additional 76,043 shares during the period. Finally, Swiss National Bank grew its holdings in shares of Ovintiv by 10.7% during the first quarter. Swiss National Bank now owns 560,900 shares of the company's stock worth $33,295,000 after purchasing an additional 54,100 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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