Ovintiv (NYSE:OVV) PT Raised to $60.00 at Scotiabank

Ovintiv (NYSE:OVV) had its price target increased by analysts at Scotiabank from $58.00 to $60.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target points to a potential upside of 24.38% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. Mizuho increased their target price on shares of Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. The Goldman Sachs Group boosted their target price on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. Jefferies Financial Group upped their target price on Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Bank of America reissued a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Finally, UBS Group raised their price objective on shares of Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.24.

Ovintiv Stock Performance

Shares of OVV stock opened at $48.24 on Friday. The company has a market capitalization of $12.88 billion, a price-to-earnings ratio of 6.74 and a beta of 2.63. Ovintiv has a 1-year low of $37.92 and a 1-year high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. The stock’s fifty day simple moving average is $48.25 and its 200-day simple moving average is $47.78.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. On average, sell-side analysts predict that Ovintiv will post 6.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Ovintiv

In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares in the company, valued at $2,315,568.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Quent Capital LLC lifted its holdings in Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after buying an additional 351 shares during the period. American National Bank bought a new stake in shares of Ovintiv during the 1st quarter valued at $27,000. Avalon Trust Co acquired a new position in shares of Ovintiv in the 4th quarter valued at $34,000. Pacifica Partners Inc. bought a new position in shares of Ovintiv in the 4th quarter worth $37,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.