Ovintiv (NYSE:OVV) Price Target Raised to $53.00

Ovintiv (NYSE:OVV) had its price objective upped by investment analysts at Morgan Stanley from $49.00 to $53.00 in a research report issued to clients and investors on Monday, April 15th, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 1.63% from the stock’s previous close.

Several other research firms have also commented on OVV. Barclays assumed coverage on Ovintiv in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 target price for the company. The Goldman Sachs Group upped their target price on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. UBS Group upped their target price on Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Citigroup upped their target price on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Mizuho reissued a “buy” rating and issued a $58.00 price target on shares of Ovintiv in a report on Thursday, April 4th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Trading Up 0.3 %

Shares of NYSE OVV traded up $0.17 during mid-day trading on Monday, reaching $52.15. 397,534 shares of the company’s stock were exchanged, compared to its average volume of 3,117,941. The company’s 50-day moving average is $50.02 and its 200-day moving average is $46.42. Ovintiv has a 52-week low of $32.07 and a 52-week high of $55.95. The firm has a market capitalization of $14.03 billion, a price-to-earnings ratio of 6.56 and a beta of 2.65. 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 (NYSE:OVV) last released its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Analysts expect that Ovintiv will post 6.36 EPS for the current fiscal year.

Insider Activity at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the firm’s 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 sale, the executive vice president now directly owns 23,672 shares in the company, valued at approximately $1,206,325.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Howard John Mayson sold 6,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was 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 directly owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The disclosure for this sale can be found here. Insiders have sold a total of 91,564 shares of company stock worth $4,660,818 in the last three months. 0.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares in the last quarter. FMR LLC raised its holdings in shares of Ovintiv by 2.3% during the third quarter. FMR LLC now owns 22,877,626 shares of the company’s stock worth $1,088,289,000 after acquiring an additional 507,562 shares in the last quarter. Smead Capital Management Inc. raised its holdings in Ovintiv by 2.5% during the third quarter. Smead Capital Management Inc. now owns 5,524,515 shares of the company’s stock valued at $262,801,000 after buying an additional 136,016 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Ovintiv by 4.5% during the third quarter. Bank of New York Mellon Corp now owns 3,039,681 shares of the company’s stock valued at $144,598,000 after buying an additional 130,225 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Ovintiv by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock worth $115,937,000 after purchasing an additional 168,320 shares during the period. 83.81% of the stock is owned by institutional investors.

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.