Ovintiv (NYSE:OVV) Price Target Raised to $62.00 at The Goldman Sachs Group

Ovintiv (NYSE:OVV) had its target price boosted by equities researchers at The Goldman Sachs Group from $49.00 to $62.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 13.35% from the company’s current price.

A number of other equities analysts also recently commented on OVV. William Blair started coverage on Ovintiv in a report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective on the stock. Roth Mkm boosted their target price on shares of Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 24th. Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. UBS Group lifted their price objective on shares of Ovintiv from $61.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $53.53.

Ovintiv Stock Up 3.4%

OVV traded up $1.80 on Wednesday, reaching $54.70. 2,858,292 shares of the company traded hands, compared to its average volume of 5,082,898. The stock’s 50 day moving average price is $44.85 and its 200-day moving average price is $41.49. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.54 and a quick ratio of 0.54. Ovintiv has a 52-week low of $29.80 and a 52-week high of $54.71. The company has a market cap of $15.50 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 2.91 and a beta of 0.69.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same quarter last year, the firm earned ($0.23) earnings per share. On average, sell-side analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Transactions at Ovintiv

In other news, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares in the company, valued at $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Gregory Dean Givens sold 50,000 shares of the stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.89% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC boosted its position in shares of Ovintiv by 263.8% during 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 raised its holdings in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after buying an additional 3,060,691 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of Ovintiv by 143.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after buying an additional 2,205,233 shares during the period. Dimensional Fund Advisors LP boosted its stake in Ovintiv by 25.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after buying an additional 1,927,193 shares in the last quarter. Finally, Goldentree Asset Management LP acquired a new position in Ovintiv during the fourth quarter worth $61,528,000. 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.