Morgan Stanley Boosts Ovintiv (NYSE:OVV) Price Target to $49.00

Ovintiv (NYSE:OVV) had its price objective upped by stock analysts at Morgan Stanley from $48.00 to $49.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price points to a potential downside of 5.64% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Royal Bank of Canada lifted their target price on Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. Citigroup boosted their price objective on Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a report on Monday, March 18th. The Goldman Sachs Group boosted their price objective on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday. National Bankshares decreased their price objective on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, January 10th. Finally, Scotiabank decreased their price target on Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, January 16th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.94.

Ovintiv Price Performance

Shares of NYSE OVV traded up $0.57 during mid-day trading on Thursday, reaching $51.93. The company had a trading volume of 1,664,391 shares, compared to its average volume of 3,213,714. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60. Ovintiv has a one year low of $32.07 and a one year high of $52.09. The firm has a market cap of $13.97 billion, a price-to-earnings ratio of 6.58 and a beta of 2.66. The business’s 50-day simple moving average is $46.12 and its 200 day simple moving average is $45.64.

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 company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. On average, research analysts predict that Ovintiv will post 5.95 earnings per share for the current fiscal year.

Insider Buying and Selling

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 stock was sold at an average price of $50.56, for a total value of $303,360.00. Following the transaction, the director now directly owns 36,840 shares in the company, 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 related news, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was 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 owns 36,840 shares in the company, valued at approximately $1,862,630.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the transaction, the executive vice president now directly owns 23,672 shares in the company, valued at $1,206,325.12. The disclosure for this sale can be found here. In the last quarter, insiders have sold 91,564 shares of company stock valued at $4,660,818. Corporate insiders own 1.70% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently made changes to their positions in the company. Xponance Inc. boosted its holdings in Ovintiv by 0.6% in the third quarter. Xponance Inc. now owns 41,823 shares of the company’s stock worth $1,990,000 after acquiring an additional 240 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Ovintiv by 0.3% during the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock valued at $4,265,000 after purchasing an additional 261 shares in the last quarter. Blue Trust Inc. increased its position in Ovintiv by 20.5% during the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock valued at $80,000 after acquiring an additional 284 shares during the last quarter. US Bancorp DE increased its position in Ovintiv by 3.2% during the second quarter. US Bancorp DE now owns 9,332 shares of the company’s stock valued at $355,000 after acquiring an additional 286 shares during the last quarter. Finally, Signaturefd LLC increased its position in Ovintiv by 1.7% in the third quarter. Signaturefd LLC now owns 19,093 shares of the company’s stock worth $908,000 after buying an additional 317 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

About Ovintiv

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.