Ovintiv (NYSE:OVV) Upgraded at Zacks Research

Ovintiv (NYSE:OVV) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.

OVV has been the subject of several other research reports. Weiss Ratings upgraded Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 2nd. Canadian Imperial Bank of Commerce increased their price objective on shares of Ovintiv from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Friday, October 9th. Citigroup raised their target price on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Stifel Nicolaus set a $92.00 target price on shares of Ovintiv and gave the company a “buy” rating in a report on Wednesday, September 9th. Finally, Seaport Research Partners initiated coverage on shares of Ovintiv in a report on Thursday, September 3rd. They issued a “neutral” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $72.32.

Ovintiv Stock Performance

Ovintiv stock opened at $71.31 on Tuesday. The stock has a fifty day moving average price of $64.75 and a 200 day moving average price of $57.09. Ovintiv has a 52 week low of $35.47 and a 52 week high of $73.61. The firm has a market capitalization of $19.65 billion, a P/E ratio of 20.15 and a beta of 0.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Insider Transactions at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Ovintiv during the 2nd quarter worth approximately $1,422,959,000. Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after buying an additional 1,137,162 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Ovintiv by 8.8% during the first quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock worth $174,856,000 after buying an additional 239,054 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Ovintiv by 119.7% in the second quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock worth $90,421,000 after buying an additional 935,860 shares during the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Ovintiv by 74.2% in the first quarter. First Trust Advisors LP now owns 1,481,562 shares of the company’s stock worth $87,946,000 after buying an additional 631,262 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Trending Headlines about Ovintiv

Here are the key news stories impacting Ovintiv this week:

• Positive Sentiment: Analyst support strengthened: National Bank Financial raised its price target from $94 to $95 and maintained an “outperform” rating, implying substantial upside from recent trading levels. Stifel Nicolaus also reaffirmed its “buy” rating. National Bank Financial rating Stifel Nicolaus rating
• Positive Sentiment: Logan Energy acquisition adds growth potential: Ovintiv’s proposed $890 million acquisition is expected to add approximately 266,000 net acres and 20,000 barrels of oil equivalent per day in the Montney region. The deal could expand liquids production, generate synergies and support stronger cash-flow growth. Ovintiv Logan acquisition
• Positive Sentiment: Improving earnings expectations: Zacks upgraded OVV to Rank #1, or “Strong Buy,” citing growing optimism about the company’s earnings prospects and the potential for a favorable upcoming earnings report. The stock was also included in Zacks’ Strong Buy momentum, value and income lists. Zacks Strong Buy upgrade
• Neutral Sentiment: The Logan transaction and expected earnings beat remain forward-looking catalysts. Investors will still watch for closing conditions, integration execution, commodity prices and confirmation of earnings growth in Ovintiv’s upcoming results. Logan acquisition analysis

Ovintiv Company Profile

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.