Ovintiv (NYSE:OVV) Given New $62.00 Price Target at Barclays

Ovintiv (NYSE:OVV) had its target price boosted by investment analysts at Barclays from $58.00 to $62.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Barclays‘s price target points to a potential upside of 12.38% from the company’s current price.

A number of other equities research analysts also recently issued reports on OVV. William Blair started coverage on Ovintiv in a research report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective on the stock. Scotiabank upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. Roth Mkm increased their price objective on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research report on Tuesday, February 24th. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Tuesday, March 3rd. Finally, National Bank Financial boosted their price objective on shares of Ovintiv from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $53.76.

Ovintiv Price Performance

NYSE OVV traded down $0.16 during trading hours on Monday, hitting $55.17. The company had a trading volume of 948,556 shares, compared to its average volume of 5,011,604. 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 firm has a market capitalization of $15.63 billion, a price-to-earnings ratio of 11.41, a PEG ratio of 3.01 and a beta of 0.69. Ovintiv has a 52 week low of $29.80 and a 52 week high of $55.85. The firm has a 50 day simple moving average of $45.78 and a 200 day simple moving average of $41.78.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.89 billion. During the same period in the prior year, the firm posted ($0.23) earnings per share. Equities research analysts expect that Ovintiv will post 5.59 earnings per share for the current year.

Insider Activity

In other news, Director Howard John Mayson sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This represents a 9.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.89% of the company’s stock.

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Corient Private Wealth LLC increased its position in shares of Ovintiv by 15.4% during the fourth quarter. Corient Private Wealth LLC now owns 42,363 shares of the company’s stock valued at $1,660,000 after buying an additional 5,669 shares during the period. Hsbc Holdings PLC boosted its position in shares of Ovintiv by 37.1% during the fourth quarter. Hsbc Holdings PLC now owns 242,042 shares of the company’s stock valued at $9,479,000 after purchasing an additional 65,445 shares in the last quarter. River Road Asset Management LLC grew its stake in Ovintiv by 0.3% in the fourth quarter. River Road Asset Management LLC now owns 295,720 shares of the company’s stock worth $11,589,000 after purchasing an additional 781 shares during the period. Invesco Ltd. raised its holdings in Ovintiv by 13.4% in the fourth quarter. Invesco Ltd. now owns 1,268,835 shares of the company’s stock worth $49,726,000 after purchasing an additional 150,053 shares in the last quarter. Finally, Vident Advisory LLC raised its holdings in Ovintiv by 30.4% in the fourth quarter. Vident Advisory LLC now owns 40,249 shares of the company’s stock worth $1,577,000 after purchasing an additional 9,385 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.