Ovintiv (NYSE:OVV) Reaches New 1-Year High – Here’s Why

Ovintiv Inc. (NYSE:OVV) reached a new 52-week high during trading on Tuesday . The company traded as high as $65.00 and last traded at $64.8560, with a volume of 6118 shares trading hands. The stock had previously closed at $63.85.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. National Bank Financial lifted their price objective on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. UBS Group increased their target price on shares of Ovintiv from $71.00 to $74.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Truist Financial reiterated a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. Barclays raised their price target on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Finally, Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $66.89.

Ovintiv Trading Up 0.8%

The stock has a market capitalization of $18.06 billion, a PE ratio of 18.52 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $57.75 and a 200-day moving average price of $55.96.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, equities analysts forecast that Ovintiv Inc. will post 6.83 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is presently 33.90%.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Institutional investors have recently bought and sold shares of the company. Steph & Co. purchased a new stake in Ovintiv in the first quarter worth $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Ovintiv during the 2nd quarter valued at $32,000. Aberdeen Wealth Management LLC purchased a new position in shares of Ovintiv during the 2nd quarter valued at $32,000. Los Angeles Capital Management LLC bought a new position in shares of Ovintiv during the 4th quarter worth $46,000. Finally, Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.