Ovintiv (NYSE:OVV) Hits New 1-Year High – Here’s Why

Ovintiv Inc. (NYSE:OVV) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $48.76 and last traded at $48.3180, with a volume of 1523055 shares. The stock had previously closed at $46.08.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. William Blair began coverage on shares of Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective for the company. Wells Fargo & Company boosted their price target on Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 18th. Zacks Research downgraded Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. National Bank Financial raised their price objective on Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a research note on Tuesday, February 3rd. Finally, Scotiabank upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.22.

Ovintiv Trading Up 5.7%

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’s 50 day moving average is $41.11 and its 200 day moving average is $40.25. The stock has a market capitalization of $12.33 billion, a price-to-earnings ratio of 53.63, a PEG ratio of 2.63 and a beta of 0.78.

Insider Transactions at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, December 12th. The stock was sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.89% of the stock is owned by corporate insiders.

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC lifted its position in Ovintiv by 263.8% in the third 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 period. Millennium Management LLC boosted its position in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after acquiring an additional 3,060,691 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its position in shares of Ovintiv by 143.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after acquiring an additional 2,205,233 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after acquiring an additional 1,927,193 shares during the period. Finally, Goldentree Asset Management LP acquired a new position in Ovintiv in the fourth quarter worth about $61,528,000. 83.81% of the stock is currently owned by institutional investors.

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.