The Goldman Sachs Group Increases Ovintiv (NYSE:OVV) Price Target to $56.00

Ovintiv (NYSE:OVV) had its price objective lifted by research analysts at The Goldman Sachs Group from $47.00 to $56.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 9.02% from the company’s previous close.

Several other analysts have also issued reports on OVV. JPMorgan Chase & Co. upgraded shares of Ovintiv from a “neutral” rating to an “overweight” rating and reduced their target price for the stock from $61.00 to $58.00 in a research note on Wednesday, December 6th. Royal Bank of Canada boosted their price target on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. UBS Group cut their price target on shares of Ovintiv from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Thursday, December 14th. National Bankshares cut their price target on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, January 10th. Finally, Scotiabank cut their price target on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, January 16th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.94.

Ovintiv Stock Performance

Shares of OVV stock opened at $51.37 on Tuesday. Ovintiv has a 12 month low of $32.07 and a 12 month high of $52.09. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $13.81 billion, a PE ratio of 6.51 and a beta of 2.66. The firm has a fifty day simple moving average of $45.90 and a two-hundred day simple moving average of $45.60.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $2.75 billion. Analysts forecast that Ovintiv will post 5.95 EPS for the current fiscal year.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the sale, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares in the company, valued at $1,206,325.12. The disclosure for this sale can be found here. Insiders have sold a total of 91,564 shares of company stock valued at $4,660,818 over the last three months. 0.91% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of the stock. HighPoint Advisor Group LLC bought a new stake in shares of Ovintiv during the fourth quarter valued at about $173,000. PNC Financial Services Group Inc. increased its position in shares of Ovintiv by 10.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock valued at $631,000 after buying an additional 1,416 shares during the period. University of Chicago bought a new position in shares of Ovintiv in the fourth quarter worth approximately $439,000. Hennessy Advisors Inc. bought a new position in shares of Ovintiv in the fourth quarter worth approximately $2,477,000. Finally, SageView Advisory Group LLC bought a new position in shares of Ovintiv in the fourth quarter worth approximately $500,000. 83.81% of the stock is currently owned by institutional investors.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.