Ovintiv (NYSE:OVV) Given Outperform Rating at Evercore ISI

Ovintiv (NYSE:OVV)‘s stock had its “outperform” rating reiterated by equities researchers at Evercore ISI in a research note issued on Wednesday, Benzinga reports. They currently have a $60.00 price objective on the stock. Evercore ISI’s target price would suggest a potential upside of 27.96% from the stock’s current price.

A number of other research firms have also recently issued reports on OVV. Morgan Stanley lifted their price target on Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. UBS Group lifted their price target on Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Bank of America reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. The Goldman Sachs Group boosted their price objective on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research report on Tuesday, March 26th. Finally, Barclays began coverage on Ovintiv in a research report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price objective for the company. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $58.65.

Ovintiv Stock Performance

Shares of NYSE:OVV traded up $0.42 during trading on Wednesday, reaching $46.89. The stock had a trading volume of 816,496 shares, compared to its average volume of 3,058,667. Ovintiv has a 52 week low of $37.92 and a 52 week high of $55.95. The stock has a fifty day simple moving average of $48.44 and a two-hundred day simple moving average of $47.73. The firm has a market capitalization of $12.52 billion, a price-to-earnings ratio of 6.54 and a beta of 2.63. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. As a group, analysts anticipate that Ovintiv will post 6.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the sale, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of OVV. Vanguard Group Inc. increased its holdings in shares of Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after acquiring an additional 2,484,554 shares in the last quarter. Ceredex Value Advisors LLC bought a new stake in shares of Ovintiv during the fourth quarter valued at approximately $67,149,000. Balyasny Asset Management L.P. increased its holdings in shares of Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after acquiring an additional 1,363,865 shares in the last quarter. Public Employees Retirement Association of Colorado increased its holdings in shares of Ovintiv by 2,602.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after acquiring an additional 688,690 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Ovintiv by 6,830.6% during the first quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock valued at $21,334,000 after acquiring an additional 405,123 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.