Ovintiv (NYSE:OVV) Price Target Raised to $56.00 at National Bankshares

Ovintiv (NYSE:OVV) had its price target boosted by National Bankshares from $54.00 to $56.00 in a report released on Tuesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. National Bankshares’ price objective indicates a potential upside of 27.08% from the stock’s previous close.

Several other brokerages also recently weighed in on OVV. Barclays cut their price target on Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Evercore ISI reissued an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a report on Thursday, November 6th. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Jefferies Financial Group reaffirmed a “buy” rating and set a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Finally, Morgan Stanley lowered their price target on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $51.06.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $1.59 during mid-day trading on Tuesday, hitting $44.07. The stock had a trading volume of 5,549,312 shares, compared to its average volume of 4,308,028. The firm has a market cap of $11.16 billion, a PE ratio of 48.30, a PEG ratio of 2.43 and a beta of 0.78. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45. The company has a 50 day moving average of $40.00 and a two-hundred day moving average of $39.82. Ovintiv has a twelve month low of $29.80 and a twelve month high of $45.96.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. Research analysts predict that Ovintiv will post 5.59 EPS for the current fiscal year.

Insider Activity

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.89% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of OVV. McIlrath & Eck LLC purchased a new position in Ovintiv during the 3rd quarter valued at about $31,000. IFP Advisors Inc increased its holdings in Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after purchasing an additional 643 shares during the period. HM Payson & Co. purchased a new position in shares of Ovintiv in the 3rd quarter valued at about $36,000. Foster Dykema Cabot & Partners LLC purchased a new position in Ovintiv during the 3rd quarter worth approximately $36,000. Finally, Quent Capital LLC acquired a new stake in shares of Ovintiv during the third quarter worth about $37,000. Hedge funds and other institutional investors 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.