Analysts Set Ovintiv Inc. (NYSE:OVV) Target Price at $51.06

Ovintiv Inc. (NYSE:OVV) has been given a consensus recommendation of “Moderate Buy” by the twenty ratings firms that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $51.0556.

A number of equities research analysts have recently weighed in on OVV shares. Wells Fargo & Company boosted their target price on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Jefferies Financial Group reiterated a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a research report on Saturday, January 17th. Stephens upgraded shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. National Bankshares upped their price target on shares of Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. Finally, Morgan Stanley dropped their price target on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 14th.

Insider Buying and Selling

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the sale, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the business. Fiduciary Financial Group LLC boosted its holdings in Ovintiv by 3.2% in the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after acquiring an additional 297 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Ovintiv by 2.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock worth $599,000 after purchasing an additional 340 shares during the period. KLP Kapitalforvaltning AS boosted its stake in shares of Ovintiv by 0.6% during the 3rd quarter. KLP Kapitalforvaltning AS now owns 63,400 shares of the company’s stock valued at $2,560,000 after purchasing an additional 400 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Ovintiv by 3.8% during the second quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock valued at $438,000 after buying an additional 427 shares during the period. Finally, Forum Financial Management LP increased its position in shares of Ovintiv by 5.2% during the third quarter. Forum Financial Management LP now owns 9,402 shares of the company’s stock valued at $380,000 after buying an additional 464 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.1%

Shares of OVV stock opened at $47.02 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm has a market cap of $11.91 billion, a P/E ratio of 51.67, a PEG ratio of 2.61 and a beta of 0.78. The company has a 50 day moving average of $40.53 and a 200-day moving average of $40.04. Ovintiv has a 12-month low of $29.80 and a 12-month high of $47.31.

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.