Ovintiv (NYSE:OVV) Hits New 12-Month High - Should You Buy?

Key Points

• Ovintiv shares reached a new 52-week high of $73, trading above their 50-day and 200-day moving averages. The company has a $20.22 billion market capitalization and a consensus analyst rating of “Moderate Buy.”
• Analysts remain broadly optimistic, with price targets ranging from $82 to $92; however, the consensus target of $71.45 is below the recent share price.
• Ovintiv’s latest quarterly earnings missed expectations at $1.74 per share versus $1.94 forecast, although revenue of $3.01 billion exceeded estimates. Institutional investors own 83.81% of the stock, while an executive recently sold 7,753 shares.

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) reached a new 52-week high during mid-day trading on Monday. The company traded as high as $73.00 and last traded at $72.1480, with a volume of 3,098,866 shares trading hands. The stock had previously closed at $72.27.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OVV. Stifel Nicolaus set a $92.00 price objective on shares of Ovintiv and gave the stock a "buy" rating in a report on Wednesday, September 9th. Royal Bank Of Canada boosted their price objective on shares of Ovintiv from $85.00 to $90.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 13th. Wells Fargo & Company upped their price target on shares of Ovintiv from $79.00 to $82.00 and gave the company an "overweight" rating in a report on Wednesday, October 14th. Weiss Ratings raised Ovintiv from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 2nd. Finally, Seaport Research Partners assumed coverage on Ovintiv in a report on Thursday, September 3rd. They issued a "neutral" rating on the stock. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $71.45.

Ovintiv Stock Performance

The firm has a fifty day simple moving average of $64.32 and a 200-day simple moving average of $59.90. The stock has a market cap of $20.22 billion, a price-to-earnings ratio of 20.74 and a beta of 0.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Analysts forecast that Ovintiv Inc. will post 7.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Rachel Moore sold 7,753 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.85% of the stock is owned by insiders.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently modified their holdings of OVV. Sigma Planning Corp bought a new stake in shares of Ovintiv during the 3rd quarter worth $930,000. Signaturefd LLC grew its position in Ovintiv by 10.0% during the third quarter. Signaturefd LLC now owns 22,477 shares of the company's stock worth $1,300,000 after buying an additional 2,046 shares in the last quarter. Citizens Financial Group Inc. RI increased its position in shares of Ovintiv by 105.6% in the third quarter. Citizens Financial Group Inc. RI now owns 8,505 shares of the company's stock worth $492,000 after purchasing an additional 4,368 shares during the last quarter. Inspire Investing LLC lifted its holdings in shares of Ovintiv by 15.1% during the 3rd quarter. Inspire Investing LLC now owns 64,828 shares of the company's stock worth $3,748,000 after acquiring an additional 8,486 shares during the last quarter. Finally, MBL Wealth LLC purchased a new stake in Ovintiv during the third quarter valued at about $204,000. Institutional investors own 83.81% of the company's stock.

About Ovintiv

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company's operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv's U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company's portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.

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