Ovintiv (NYSE:OVV) Sets New 1-Year High - Here's What Happened

Key Points

• Ovintiv's stock reached a new 52-week high of $59.05, last trading around $59.0050 on a volume of 438,020 shares (previous close $56.94).
• Analysts hold a consensus rating of Moderate Buy (14 Buys, 6 Holds) with a consensus target of $56.89, and several firms recently raised targets—including Truist to $70 and Scotiabank to $65.
• Ovintiv beat quarterly EPS expectations with $1.39 vs. $0.98 expected on $1.89 billion of revenue, and announced a $0.30 quarterly dividend ($1.20 annual, ~2% yield).

Ovintiv Inc. (NYSE:OVV - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The company traded as high as $59.05 and last traded at $59.0050, with a volume of 438020 shares. The stock had previously closed at $56.94.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OVV. 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 target price for the company. Scotiabank increased their price target on Ovintiv from $58.00 to $65.00 and gave the stock a "sector outperform" rating in a research report on Thursday, March 19th. Truist Financial initiated coverage on Ovintiv in a research note on Tuesday. They set a "buy" rating and a $70.00 price objective for the company. TD Cowen boosted their price objective on Ovintiv from $58.00 to $60.00 and gave the company a "buy" rating in a report on Tuesday, March 17th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Fourteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.89.

Ovintiv Price Performance

The stock has a market capitalization of $16.76 billion, a PE ratio of 12.21, a P/E/G ratio of 2.93 and a beta of 0.69. 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's fifty day moving average is $47.93 and its 200-day moving average is $42.38.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The company had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.89 billion. During the same quarter in the previous year, the company earned ($0.23) earnings per share. As a group, equities analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv's dividend payout ratio is presently 24.79%.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the 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 in the company, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the firm'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 directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.70% of the company's stock.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its position in Ovintiv by 263.8% during the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock worth $199,866,000 after acquiring an additional 3,589,030 shares during the period. Millennium Management LLC increased its stake in shares of Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock worth $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Ovintiv by 143.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company's stock worth $142,278,000 after purchasing an additional 2,205,233 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 25.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company's stock worth $379,165,000 after purchasing an additional 1,927,193 shares during the last quarter. Finally, Goldentree Asset Management LP purchased a new position in Ovintiv in the 4th quarter valued at about $61,528,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.