Royal Bank Of Canada Raises Ovintiv (NYSE:OVV) Price Target to $70.00

Key Points

• Royal Bank of Canada raised its price target on Ovintiv to $70 (from $55) and maintained an "outperform" rating, implying roughly a 24% upside from the prior close.
• Ovintiv recently beat quarterly EPS estimates ($1.39 vs. $0.98), trades near $56.37, and carries a consensus "Moderate Buy" from analysts with an average target of about $59.95.

Ovintiv (NYSE:OVV - Get Free Report) had its target price upped by stock analysts at Royal Bank Of Canada from $55.00 to $70.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's price objective would indicate a potential upside of 24.18% from the stock's previous close.

OVV has been the subject of a number of other reports. JPMorgan Chase & Co. initiated coverage on shares of Ovintiv in a research note on Wednesday, February 25th. They set an "overweight" rating and a $58.00 target price for the company. Citigroup reaffirmed a "neutral" rating and set a $62.00 price target (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Jefferies Financial Group reissued a "buy" rating and issued a $54.00 price objective on shares of Ovintiv in a report on Saturday, January 17th. Weiss Ratings raised Ovintiv from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, April 2nd. Finally, UBS Group increased their price target on Ovintiv from $61.00 to $69.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.95.

Ovintiv Stock Performance

Shares of NYSE OVV traded down $4.36 during midday trading on Wednesday, hitting $56.37. The company's stock had a trading volume of 469,111 shares, compared to its average volume of 4,948,542. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. Ovintiv has a 1-year low of $29.80 and a 1-year high of $62.60. The firm's fifty day moving average price is $52.18 and its 200-day moving average price is $43.78. The firm has a market cap of $15.97 billion, a P/E ratio of 11.56, a P/E/G ratio of 2.12 and a beta of 0.59.

Ovintiv (NYSE:OVV - Get Free Report) last issued its 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. The firm 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 posted ($0.23) earnings per share. On average, sell-side analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Activity

In other Ovintiv news, 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 value of $261,950.00. Following the completion of the sale, the director directly owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the firm's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares of the company's stock, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Stifel Financial Corp boosted its stake in shares of Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company's stock worth $749,000 after acquiring an additional 269 shares in the last quarter. Deseret Mutual Benefit Administrators raised its stake in Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock valued at $52,000 after purchasing an additional 287 shares during the period. Fiduciary Financial Group LLC boosted its position in shares of Ovintiv by 3.2% in the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company's stock worth $371,000 after buying an additional 297 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Ovintiv by 2.3% during the third quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company's stock valued at $599,000 after buying an additional 340 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its position in Ovintiv by 9.6% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company's stock valued at $163,000 after buying an additional 362 shares during the period. 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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