Ovintiv (NYSE:OVV) Hits New 12-Month High Following Analyst Upgrade

Ovintiv Inc. (NYSE:OVV) shares hit a new 52-week high on Tuesday after TD Cowen upgraded the stock to a strong-buy rating. The company traded as high as $47.31 and last traded at $47.02, with a volume of 5088701 shares trading hands. The stock had previously closed at $46.53.

Other analysts also recently issued reports about the company. Citigroup reduced their target price on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Evercore restated an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a research note on Thursday, November 6th. Roth Mkm began coverage on Ovintiv in a research note on Monday, October 13th. They issued a “neutral” rating and a $42.00 price objective for the company. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a report on Saturday, January 17th. Finally, National Bank Financial raised their target price on shares of Ovintiv from $54.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $51.06.

Insider Transactions at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction on Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. McIlrath & Eck LLC acquired a new stake in Ovintiv in the 3rd quarter valued at about $31,000. IFP Advisors Inc increased its stake in shares of Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after purchasing an additional 643 shares in the last quarter. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv during the 3rd quarter worth approximately $36,000. HM Payson & Co. purchased a new stake in Ovintiv in the 3rd quarter valued at approximately $36,000. Finally, Quent Capital LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $37,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Down 4.0%

The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45. The business has a fifty day simple moving average of $40.83 and a 200 day simple moving average of $40.17. The stock has a market cap of $11.63 billion, a price-to-earnings ratio of 50.45, a PEG ratio of 2.68 and a beta of 0.78.

About Ovintiv

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.