Citigroup Downgrades Ovintiv (NYSE:OVV) to Hold

Ovintiv (NYSE:OVV) was downgraded by equities researchers at Citigroup from a “strong-buy” rating to a “hold” rating in a research report issued on Sunday, Marketbeat reports. They currently have a $62.00 target price on the stock. Citigroup’s price target suggests a potential upside of 2.16% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on OVV. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 3rd. Mizuho increased their target price on Ovintiv from $55.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 17th. Truist Financial started coverage on Ovintiv in a report on Tuesday, March 24th. They set a “buy” rating and a $70.00 price target for the company. The Goldman Sachs Group boosted their price target on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Finally, JPMorgan Chase & Co. started coverage on Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $58.67.

Ovintiv Stock Performance

NYSE OVV opened at $60.69 on Friday. The firm has a 50-day moving average of $50.01 and a 200-day moving average of $43.04. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $17.20 billion, a PE ratio of 12.54, a P/E/G ratio of 2.34 and a beta of 0.69. Ovintiv has a 52-week low of $29.80 and a 52-week high of $62.60.

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

Insider Buying and Selling

In other Ovintiv news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. This trade represents a 17.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC lifted its position in Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after purchasing an additional 3,788 shares during the period. Great Lakes Advisors LLC bought a new position in Ovintiv in the 1st quarter valued at about $202,000. Focus Partners Wealth raised its position in shares of Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after buying an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after buying an additional 589 shares in the last quarter. Finally, Quadrature Capital Ltd bought a new stake in shares of Ovintiv during the 2nd quarter worth approximately $436,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.