Ovintiv (NYSE:OVV) Hits New 1-Year High Following Analyst Upgrade

Ovintiv Inc. (NYSE:OVV) hit a new 52-week high during trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The company traded as high as $59.05 and last traded at $59.0050, with a volume of 438020 shares changing hands. The stock had previously closed at $56.94.

A number of other equities research analysts have also recently commented on the stock. Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. William Blair started coverage on shares of Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 target price for the company. Wells Fargo & Company increased their price target on shares of Ovintiv from $42.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, March 19th. UBS Group raised their price target on shares of Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Finally, TD Cowen lifted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.89.

Insider Buying and Selling

In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This represents a 17.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Howard John Mayson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the transaction, the director owned 45,780 shares in the company, valued at $2,398,414.20. This trade represents a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.70% of the stock is owned by insiders.

Institutional Trading of Ovintiv

Institutional investors have recently modified their holdings of the stock. McIlrath & Eck LLC purchased a new position in Ovintiv in the 3rd quarter valued at about $31,000. Foster Dykema Cabot & Partners LLC purchased a new stake in Ovintiv during the 3rd quarter worth approximately $36,000. HM Payson & Co. acquired a new position in shares of Ovintiv during the third quarter valued at approximately $36,000. Quent Capital LLC acquired a new position in shares of Ovintiv during the third quarter valued at approximately $37,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Ovintiv in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a 50-day moving average price of $48.72 and a two-hundred day moving average price of $42.63. The firm has a market cap of $17.03 billion, a PE ratio of 12.42, a P/E/G ratio of 2.79 and a beta of 0.69.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Monday, February 23rd. The company reported $1.39 EPS for the quarter, topping the consensus estimate of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period in the previous year, the business earned ($0.23) earnings per share. Research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio is presently 24.79%.

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.