Ovintiv (NYSE:OVV) Receives “Outperform” Rating from Royal Bank Of Canada

Ovintiv (NYSE:OVV)‘s stock had its “outperform” rating restated by stock analysts at Royal Bank Of Canada in a report released on Thursday,MarketScreener reports. They currently have a $55.00 price objective on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 8.82% from the stock’s previous close.

OVV has been the subject of several other research reports. Zacks Research lowered Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Stephens upgraded shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Wells Fargo & Company raised their price objective on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Finally, Evercore restated an “outperform” rating and set a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.22.

Ovintiv Price Performance

NYSE:OVV traded down $0.13 during midday trading on Thursday, hitting $50.54. The company had a trading volume of 3,877,330 shares, compared to its average volume of 5,327,551. The stock’s fifty day moving average price is $41.67 and its 200-day moving average price is $40.46. Ovintiv has a 52-week low of $29.80 and a 52-week high of $51.23. 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 company has a market capitalization of $12.80 billion, a PE ratio of 55.54, a P/E/G ratio of 2.85 and a beta of 0.78.

Insider Activity

In other news, COO Gregory Dean Givens sold 50,000 shares of the firm’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 in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Stifel Financial Corp increased its stake in shares of Ovintiv by 1.4% in the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after acquiring an additional 269 shares in the last quarter. Deseret Mutual Benefit Administrators lifted its holdings in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares during the last quarter. Fiduciary Financial Group LLC boosted its position in shares of Ovintiv by 3.2% in the 4th quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock worth $371,000 after purchasing an additional 297 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Ovintiv by 2.3% in the 3rd quarter. PNC Financial Services Group Inc. now owns 14,834 shares of the company’s stock worth $599,000 after buying an additional 340 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its position in Ovintiv by 9.6% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock valued at $163,000 after buying an additional 362 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.