Ovintiv (NYSE:OVV) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. initiated coverage on shares of Ovintiv (NYSE:OVV) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $58.00 target price on the stock.

A number of other research analysts have also recently commented on OVV. Evercore restated an “outperform” rating and set a $47.00 price objective on shares of Ovintiv in a research note on Thursday, November 6th. Roth Mkm raised their target price on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday. Jefferies Financial Group reissued a “buy” rating and set a $54.00 price target on shares of Ovintiv in a research report on Saturday, January 17th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research report on Thursday, February 19th. Finally, TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.72.

Ovintiv Price Performance

OVV opened at $50.52 on Wednesday. Ovintiv has a 52-week low of $29.80 and a 52-week high of $51.60. The company has a 50 day moving average of $42.88 and a two-hundred day moving average of $40.83. The company has a market cap of $14.31 billion, a P/E ratio of 10.44, a P/E/G ratio of 2.73 and a beta of 0.78. The company has a quick ratio of 0.45, a current ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter last year, the firm posted ($0.23) EPS. On average, analysts expect that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s payout ratio is currently 24.79%.

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction that occurred 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 trade represents a 32.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 1.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently made changes to their positions in the company. McIlrath & Eck LLC acquired a new position in Ovintiv in the third quarter worth $31,000. HM Payson & Co. bought a new position in shares of Ovintiv in the 3rd quarter worth about $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv in the 3rd quarter valued at about $36,000. Quent Capital LLC bought a new stake in shares of Ovintiv during the 3rd quarter valued at about $37,000. Finally, Flagship Harbor Advisors LLC acquired a new stake in Ovintiv during the fourth quarter worth about $38,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.