Texas Capital Upgrades Ovintiv (NYSE:OVV) to Strong-Buy

Ovintiv (NYSE:OVV) was upgraded by stock analysts at Texas Capital to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. National Bank Financial increased their price target on shares of Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. JPMorgan Chase & Co. initiated coverage on Ovintiv in a research note on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price for the company. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Royal Bank Of Canada set a $70.00 price objective on shares of Ovintiv and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Mizuho raised their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and an average price target of $64.47.

Ovintiv Price Performance

NYSE OVV opened at $53.08 on Thursday. The stock has a market capitalization of $14.92 billion, a PE ratio of 17.12 and a beta of 0.53. Ovintiv has a 12-month low of $35.47 and a 12-month high of $63.46. The company has a 50 day moving average price of $56.99 and a two-hundred day moving average price of $50.71. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. As a group, equities analysts predict that Ovintiv will post 8.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of OVV. Integrated Wealth Concepts LLC increased its position in shares of Ovintiv by 70.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after buying an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC bought a new position in Ovintiv during the first quarter worth about $202,000. Focus Partners Wealth lifted its holdings in Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after acquiring an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. grew its stake in Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after acquiring an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after purchasing an additional 1,675 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.