Zacks Research Upgrades Ovintiv (NYSE:OVV) to “Hold”

Ovintiv (NYSE:OVV) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

OVV has been the topic of a number of other reports. Citigroup reduced their price objective on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Barclays lifted their price objective on shares of Ovintiv from $55.00 to $58.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. Roth Mkm raised their target price on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. National Bank Financial boosted their price target on Ovintiv from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Finally, Stephens raised Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $52.41.

Ovintiv Stock Down 0.1%

Shares of NYSE OVV opened at $51.72 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv has a 12-month low of $29.80 and a 12-month high of $53.21. The firm’s 50-day moving average price is $43.71 and its 200-day moving average price is $41.09. The stock has a market capitalization of $14.65 billion, a price-to-earnings ratio of 10.69, a P/E/G ratio of 2.80 and a beta of 0.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (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 return on equity of 12.00% and a net margin of 13.94%.During the same period in the prior year, the business posted ($0.23) earnings per share. On average, equities research analysts anticipate that Ovintiv will post 5.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently made changes to their positions in OVV. McIlrath & Eck LLC purchased a new position in shares of Ovintiv during the third quarter worth $31,000. HM Payson & Co. purchased a new position in shares of Ovintiv in the 3rd quarter valued at about $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in Ovintiv in the 3rd quarter worth about $36,000. Quent Capital LLC purchased a new position in shares of Ovintiv during the 3rd quarter valued at approximately $37,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in Ovintiv in the 4th quarter worth $38,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Company Profile

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.