Ovintiv (NYSE:OVV) Shares Gap Down – Time to Sell?
by Scott Moore · The Cerbat GemOvintiv Inc. (NYSE:OVV – Get Free Report)’s stock price gapped down prior to trading on Friday . The stock had previously closed at $55.72, but opened at $52.51. Ovintiv shares last traded at $51.8390, with a volume of 265,511 shares traded.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on the company. Royal Bank Of Canada upped their price objective on Ovintiv from $55.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, April 8th. Barclays upped their target price on Ovintiv from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Monday, March 16th. The Goldman Sachs Group increased their price target on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research report on Wednesday, March 11th. UBS Group lowered their price objective on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, Bank of America upped their price objective on shares of Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 2nd. Fifteen analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.37.
Get Our Latest Stock Report on Ovintiv
Ovintiv Stock Down 5.8%
The company’s fifty day simple moving average is $53.86 and its 200 day simple moving average is $44.42. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $14.87 billion, a P/E ratio of 10.85, a price-to-earnings-growth ratio of 1.79 and a beta of 0.59.
Ovintiv (NYSE:OVV – Get Free Report) last announced its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating 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 analyst estimates of $1.89 billion. During the same quarter in the previous year, the firm posted ($0.23) EPS. Research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.
Ovintiv Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.3%. Ovintiv’s payout ratio is presently 24.79%.
Insider Activity
In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total value 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. The trade was a 9.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. The trade was a 17.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is owned by insiders.
Institutional Investors Weigh In On Ovintiv
Several hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. McIlrath & Eck LLC bought a new stake in shares of Ovintiv during the 3rd quarter valued at $31,000. HM Payson & Co. bought a new stake in Ovintiv during the third quarter valued at about $36,000. Foster Dykema Cabot & Partners LLC bought a new position in shares of Ovintiv in the third quarter worth about $36,000. Quent Capital LLC purchased a new stake in shares of Ovintiv during the third quarter worth about $37,000. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Ovintiv during the fourth quarter worth about $38,000. 83.81% of the stock is owned by hedge funds and other institutional investors.
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.