Ovintiv (NYSE:OVV) Given a $70.00 Price Target by Royal Bank Of Canada Analysts

Ovintiv (NYSE:OVV) has been given a $70.00 price target by Royal Bank Of Canada in a research report issued on Monday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 29.03% from the stock’s current price.

OVV has been the topic of a number of other research reports. Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $57.00 to $80.00 in a research note on Monday. Zacks Research cut Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Weiss Ratings cut Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a report on Tuesday, May 12th. JPMorgan Chase & Co. started coverage on Ovintiv in a research report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price on the stock. Finally, Truist Financial lowered their target price on Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $64.21.

Ovintiv Stock Performance

OVV stock traded up $1.84 during midday trading on Monday, reaching $54.25. 2,358,266 shares of the company were exchanged, compared to its average volume of 4,371,138. Ovintiv has a one year low of $35.47 and a one year high of $63.46. The firm has a market capitalization of $15.25 billion, a price-to-earnings ratio of 17.48 and a beta of 0.53. The business has a 50-day moving average price of $57.18 and a two-hundred day moving average price of $50.36. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Equities research analysts forecast that Ovintiv will post 8.17 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in OVV. AQR Capital Management LLC raised its holdings in Ovintiv by 263.8% in the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after acquiring an additional 3,589,030 shares in the last quarter. Millennium Management LLC increased its position in shares of Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP raised its stake in Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after purchasing an additional 1,927,193 shares in the last quarter. Goldentree Asset Management LP acquired a new position in Ovintiv in the fourth quarter valued at about $61,528,000. Finally, Freestone Grove Partners LP lifted its position in Ovintiv by 79.9% during the fourth quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock worth $120,506,000 after purchasing an additional 1,365,535 shares during the period. 83.81% of the stock is owned by institutional investors.

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.