Wall Street Zen Downgrades Ovintiv (NYSE:OVV) to Hold

Key Points

• Wall Street Zen downgraded Ovintiv from a "buy" to a "hold," though the broader analyst community remains more positive with 15 buys vs. 6 holds, a consensus rating of "Moderate Buy" and an average price target of $60.42, while several firms raised targets (e.g., Scotiabank to $65, RBC to $70).
• Ovintiv beat quarterly EPS expectations ($1.39 vs. $0.98) with revenue of $1.89B, trades around $60.84 with a market cap of $17.24B and a P/E of 12.57, and analysts project about $6.42 EPS for the current fiscal year.

Ovintiv (NYSE:OVV - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a note issued to investors on Saturday.

Several other equities analysts have also issued reports on the company. Stephens raised Ovintiv to a "hold" rating in a research note on Tuesday, February 3rd. Scotiabank upped their price target on Ovintiv from $58.00 to $65.00 and gave the company a "sector outperform" rating in a research note on Thursday, March 19th. Roth Mkm upped their price target on Ovintiv from $42.00 to $50.00 and gave the company a "neutral" rating in a research note on Tuesday, February 24th. Barclays upped their price target on Ovintiv from $58.00 to $62.00 and gave the company an "overweight" rating in a research note on Monday, March 16th. Finally, Royal Bank Of Canada upped their price target on Ovintiv from $55.00 to $70.00 and gave the company an "outperform" rating in a research note on Wednesday, April 8th. Fifteen research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $60.42.

Ovintiv Price Performance

Ovintiv stock opened at $60.84 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market cap of $17.24 billion, a P/E ratio of 12.57, a P/E/G ratio of 2.04 and a beta of 0.57. The business's fifty day moving average is $55.74 and its two-hundred day moving average is $45.60. Ovintiv has a 52 week low of $33.26 and a 52 week high of $62.60.

Ovintiv (NYSE:OVV - Get Free Report) last posted 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 company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same quarter in the previous year, the firm earned ($0.23) earnings per share. Equities research analysts forecast that Ovintiv will post 6.42 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares of the company's stock, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.85% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Steph & Co. bought a new position in Ovintiv in the first quarter valued at approximately $29,000. McIlrath & Eck LLC bought a new position in Ovintiv in the third quarter valued at approximately $31,000. Foster Dykema Cabot & Partners LLC bought a new position in shares of Ovintiv during the 3rd quarter worth approximately $36,000. Quent Capital LLC bought a new position in shares of Ovintiv during the 3rd quarter worth approximately $37,000. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Ovintiv during the 4th quarter worth approximately $38,000. 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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