Ovintiv (NYSE:OVV) Price Target Raised to $56.00

Ovintiv (NYSE:OVV) had its price target boosted by The Goldman Sachs Group from $47.00 to $56.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 8.97% from the company’s previous close.

Several other research firms have also recently commented on OVV. Wells Fargo & Company lowered their target price on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 17th. Mizuho reduced their target price on Ovintiv from $59.00 to $58.00 and set a “buy” rating on the stock in a research report on Friday. Royal Bank of Canada upped their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. JPMorgan Chase & Co. upgraded shares of Ovintiv from a “neutral” rating to an “overweight” rating and lowered their target price for the company from $61.00 to $58.00 in a report on Wednesday, December 6th. Finally, UBS Group dropped their price objective on Ovintiv from $63.00 to $57.00 and set a “buy” rating for the company in a report on Thursday, December 14th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $53.94.

Ovintiv Price Performance

Ovintiv stock traded down $0.33 during mid-day trading on Tuesday, hitting $51.39. 1,356,638 shares of the company were exchanged, compared to its average volume of 3,214,413. Ovintiv has a 12-month low of $32.07 and a 12-month high of $52.09. The company has a market capitalization of $13.82 billion, a P/E ratio of 6.51 and a beta of 2.66. The business’s 50 day simple moving average is $45.48 and its two-hundred day simple moving average is $45.54. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. Analysts forecast that Ovintiv will post 5.95 earnings per share for the current fiscal year.

Insider Activity

In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the sale, the director now directly owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Ovintiv news, EVP Rachel Maureen Moore sold 9,300 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the sale, the executive vice president now directly owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the sale, the director now owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 91,564 shares of company stock worth $4,660,818. 0.91% of the stock is owned by company insiders.

Institutional Trading of Ovintiv

Institutional investors have recently made changes to their positions in the stock. Raymond James & Associates raised its position in Ovintiv by 35.3% during the first quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock valued at $3,107,000 after acquiring an additional 14,978 shares in the last quarter. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Ovintiv in the 1st quarter valued at $525,000. HighTower Advisors LLC bought a new stake in Ovintiv in the first quarter worth $715,000. Cetera Advisor Networks LLC acquired a new position in Ovintiv during the first quarter worth $224,000. Finally, PNC Financial Services Group Inc. raised its holdings in Ovintiv by 45.7% during the first quarter. PNC Financial Services Group Inc. now owns 15,605 shares of the company’s stock valued at $843,000 after buying an additional 4,895 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.