Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Texas Capital

Texas Capital upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a research report report published on Thursday morning,Zacks.com reports.

Several other equities analysts have also issued reports on the company. JPMorgan Chase & Co. started coverage on Ovintiv in a research report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 target price for the company. Barclays lifted their target price on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Morgan Stanley began coverage on Ovintiv in a research report on Friday, March 27th. They set an “equal weight” rating and a $68.00 price target for the company. Mizuho raised their price target on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $57.00 to $80.00 in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $64.47.

Ovintiv Stock Performance

NYSE OVV opened at $53.08 on Thursday. The firm has a market capitalization of $14.92 billion, a price-to-earnings ratio of 17.12 and a beta of 0.53. Ovintiv has a 52-week low of $35.47 and a 52-week high of $63.46. The company’s fifty day moving average is $56.99 and its two-hundred day moving average is $50.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Equities research analysts forecast that Ovintiv will post 8.07 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 2.3%. Ovintiv’s payout ratio is presently 38.71%.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC increased its stake 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 worth $199,866,000 after purchasing an additional 3,589,030 shares during the last quarter. Millennium Management LLC lifted its holdings in Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock worth $379,165,000 after buying an additional 1,927,193 shares in the last quarter. Goldentree Asset Management LP purchased a new stake in Ovintiv in the 4th quarter worth approximately $61,528,000. Finally, Freestone Grove Partners LP raised its position in shares of Ovintiv by 79.9% in the fourth quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock worth $120,506,000 after buying an additional 1,365,535 shares in the last quarter. Institutional investors and hedge funds 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.