Ovintiv (NYSE:OVV) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Ovintiv from "hold" to "buy," joining other bullish moves (15 analysts rate it Buy vs. 6 Hold) and contributing to an average price target of $60.37.
• Recent earnings beat: Ovintiv reported $1.39 EPS vs. $0.98 expected and $1.89 billion in revenue, supporting a P/E of 10.9 and a 12‑month trading range of $32.16–$62.60.
• Institutional accumulation has been significant (institutions own 83.81%), with large stake increases by AQR and Millennium, while insiders have modestly trimmed holdings (insiders own 0.85%).

Ovintiv (NYSE:OVV - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

OVV has been the topic of a number of other research reports. JPMorgan Chase & Co. assumed coverage on shares of Ovintiv in a research note on Wednesday, February 25th. They set an "overweight" rating and a $58.00 price objective on the stock. The Goldman Sachs Group raised their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the stock a "buy" rating in a research note on Wednesday, March 11th. Citigroup reaffirmed a "neutral" rating and set a $62.00 price objective (up from $52.00) on shares of Ovintiv in a research note on Monday, March 30th. Jefferies Financial Group reaffirmed a "buy" rating and set a $54.00 price objective on shares of Ovintiv in a research note on Saturday, January 17th. Finally, Bank of America raised their price objective on shares of Ovintiv from $63.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, April 2nd. Fifteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Ovintiv has an average rating of "Moderate Buy" and an average price target of $60.37.

Ovintiv Price Performance

Shares of NYSE OVV opened at $52.82 on Friday. The stock has a market capitalization of $14.96 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.82 and a beta of 0.59. Ovintiv has a 12 month low of $32.16 and a 12 month high of $62.60. The firm's 50 day simple moving average is $53.99 and its 200-day simple moving average is $44.50. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping analysts' consensus estimates of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to analysts' expectations of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter last year, the company earned ($0.23) EPS. Analysts expect that Ovintiv will post 5.59 EPS for the current year.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction 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 sale, the executive vice president owned 54,092 shares of the company's stock, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction 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. This trade represents a 9.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.85% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock valued at $199,866,000 after buying an additional 3,589,030 shares during the period. Millennium Management LLC raised its holdings in Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock valued at $223,101,000 after buying an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP raised its holdings in Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company's stock valued at $379,165,000 after buying an additional 1,927,193 shares during the period. Goldentree Asset Management LP purchased a new stake in Ovintiv in the 4th quarter valued at about $61,528,000. Finally, Evergreen Capital Management LLC purchased a new stake in Ovintiv in the 3rd quarter valued at about $60,866,000. Hedge funds and other institutional investors 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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