Weekly Investment Analysts’ Ratings Updates for Ovintiv (OVV)

Several brokerages have updated their recommendations and price targets on shares of Ovintiv (NYSE: OVV) in the last few weeks:

• 8/1/2024 – Ovintiv had its price target lowered by analysts at Royal Bank of Canada from $62.00 to $61.00. They now have a “sector perform” rating on the stock.
• 8/1/2024 – Ovintiv had its price target lowered by analysts at Wells Fargo & Company from $52.00 to $51.00. They now have an “equal weight” rating on the stock.
• 8/1/2024 – Ovintiv had its price target raised by analysts at Truist Financial Co. from $60.00 to $62.00. They now have a “buy” rating on the stock.
• 7/22/2024 – Ovintiv had its price target lowered by analysts at Wells Fargo & Company from $54.00 to $52.00. They now have an “equal weight” rating on the stock.
• 7/22/2024 – Ovintiv had its price target lowered by analysts at Truist Financial Co. from $68.00 to $60.00. They now have a “buy” rating on the stock.
• 7/18/2024 – Ovintiv is now covered by analysts at Wolfe Research. They set an “outperform” rating and a $65.00 price target on the stock.
• 7/12/2024 – Ovintiv had its price target raised by analysts at Scotiabank from $58.00 to $60.00. They now have a “sector outperform” rating on the stock.
• 7/10/2024 – Ovintiv had its “outperform” rating reaffirmed by analysts at Evercore ISI. They now have a $60.00 price target on the stock.
• 6/14/2024 – Ovintiv was upgraded by analysts at Evercore ISI from an “in-line” rating to an “outperform” rating. They now have a $60.00 price target on the stock.
• 6/14/2024 – Ovintiv had its “neutral” rating reaffirmed by analysts at Bank of America Co.. They now have a $55.00 price target on the stock.
• 6/10/2024 – Ovintiv had its price target raised by analysts at TD Cowen from $64.00 to $66.00. They now have a “buy” rating on the stock.

Ovintiv Stock Down 4.2 %

Ovintiv stock opened at $44.48 on Friday. The company has a market capitalization of $11.73 billion, a P/E ratio of 6.21, a P/E/G ratio of 7.62 and a beta of 2.63. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The firm has a 50 day moving average price of $47.29 and a 200-day moving average price of $48.09. Ovintiv Inc. has a twelve month low of $39.68 and a twelve month high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.12. Ovintiv had a net margin of 18.56% and a return on equity of 18.40%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. As a group, equities analysts predict that Ovintiv Inc. will post 5.7 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Insider Activity at Ovintiv

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the transaction, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares in the company, valued at $446,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. Ceredex Value Advisors LLC acquired a new stake in shares of Ovintiv during the 4th quarter worth approximately $67,149,000. Balyasny Asset Management L.P. raised its holdings in shares of Ovintiv by 1,560.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after acquiring an additional 1,363,865 shares during the period. Vanguard Group Inc. raised its holdings in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after acquiring an additional 1,024,931 shares during the period. Public Employees Retirement Association of Colorado raised its holdings in Ovintiv by 2,602.0% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after buying an additional 688,690 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Ovintiv by 6,830.6% in the 1st quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock valued at $21,334,000 after buying an additional 405,123 shares during the period. 83.81% of the stock is currently owned by institutional investors.

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.