Ovintiv (NYSE:OVV) Given Neutral Rating at Citigroup

Ovintiv (NYSE:OVV)‘s stock had its “neutral” rating reaffirmed by equities researchers at Citigroup in a research note issued to investors on Monday. They presently have a $62.00 target price on the stock. Citigroup’s target price points to a potential downside of 0.14% from the stock’s current price.

Several other brokerages have also recently issued reports on OVV. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 3rd. UBS Group raised their target price on shares of Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Wells Fargo & Company boosted their price target on shares of Ovintiv from $42.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 19th. Scotiabank upped their price target on shares of Ovintiv from $58.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Thursday, March 19th. Finally, The Goldman Sachs Group increased their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $58.67.

Ovintiv Trading Up 0.0%

Shares of OVV stock opened at $62.09 on Monday. Ovintiv has a 12-month low of $29.80 and a 12-month high of $62.60. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The stock’s 50-day moving average price is $49.59 and its 200-day moving average price is $42.91. The stock has a market capitalization of $17.59 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 2.34 and a beta of 0.69.

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

Insiders Place Their Bets

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction on Friday, March 13th. The shares were 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. The trade was a 17.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction 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 company insiders.

Hedge Funds Weigh In On Ovintiv

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

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.