Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Wells Fargo & Company

Ovintiv (NYSE:OVV) was upgraded by analysts at Wells Fargo & Company to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

A number of other equities analysts have also weighed in on the stock. Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. National Bank Financial lifted their target price on Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Royal Bank Of Canada boosted their price target on Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Finally, Citigroup upped their price target on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.95.

Ovintiv Stock Up 0.4%

Shares of Ovintiv stock opened at $66.87 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The stock has a market capitalization of $18.42 billion, a PE ratio of 18.89 and a beta of 0.53. Ovintiv has a 52-week low of $35.47 and a 52-week high of $67.51. The company has a 50-day simple moving average of $60.05 and a two-hundred day simple moving average of $57.39.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. On average, analysts anticipate that Ovintiv will post 7.09 EPS for the current fiscal year.

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the company. UBS Group AG grew its stake in shares of Ovintiv by 8.3% during the 4th quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after purchasing an additional 76,846 shares during the period. Hillsdale Investment Management Inc. lifted its stake in shares of Ovintiv by 317.3% in the 4th quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock worth $7,373,000 after purchasing an additional 142,800 shares during the period. Intech Investment Management LLC bought a new position in shares of Ovintiv in the 4th quarter worth approximately $5,045,000. Pacific Heights Asset Management LLC boosted its holdings in shares of Ovintiv by 23.7% in the fourth quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company’s stock worth $23,514,000 after buying an additional 115,000 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab purchased a new position in shares of Ovintiv in the second quarter worth approximately $4,738,000. 83.81% of the stock is currently owned by hedge funds and other 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.