Ovintiv (NYSE:OVV) Hits New 52-Week High on Analyst Upgrade

Shares of Ovintiv Inc. (NYSE:OVV) hit a new 52-week high on Tuesday after TD Cowen upgraded the stock to a strong-buy rating. The company traded as high as $47.31 and last traded at $47.02, with a volume of 5088701 shares changing hands. The stock had previously closed at $46.53.

Several other research firms have also weighed in on OVV. Morgan Stanley reduced their price objective on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. UBS Group reissued a “buy” rating on shares of Ovintiv in a report on Thursday, January 22nd. National Bank Financial raised their price target on shares of Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Roth Mkm began coverage on shares of Ovintiv in a report on Monday, October 13th. They set a “neutral” rating and a $42.00 price target on the stock. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 price objective on shares of Ovintiv in a research note on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.06.

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction dated Friday, December 12th. The stock was sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in the business. McIlrath & Eck LLC acquired a new position in Ovintiv in the third quarter valued at approximately $31,000. IFP Advisors Inc increased its stake in shares of Ovintiv by 316.7% in the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after acquiring an additional 643 shares in the last quarter. HM Payson & Co. acquired a new position in shares of Ovintiv during the 3rd quarter valued at $36,000. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Ovintiv during the 3rd quarter valued at $36,000. Finally, Quent Capital LLC bought a new position in Ovintiv during the third quarter worth $37,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $11.63 billion, a P/E ratio of 9.92, a price-to-earnings-growth ratio of 2.68 and a beta of 0.78. The company’s 50 day moving average is $40.75 and its 200-day moving average is $40.13.

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.