Wall Street Zen Upgrades Ovintiv (NYSE:OVV) to “Buy”
by Mitch Edgeman · The Markets DailyOvintiv (NYSE:OVV – Get Free Report) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.
A number of other analysts also recently commented on OVV. Wells Fargo & Company increased their price objective on shares of Ovintiv from $42.00 to $54.00 and gave the company an “equal weight” rating in a report on Thursday, March 19th. Bank of America increased their price objective on shares of Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. The Goldman Sachs Group increased their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Citigroup reiterated a “neutral” rating and issued a $62.00 price objective (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Finally, Weiss Ratings upgraded shares of Ovintiv from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, April 2nd. Fifteen investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.37.
Read Our Latest Research Report on OVV
Ovintiv Stock Up 0.0%
OVV stock opened at $52.82 on Friday. The company has a market cap of $14.96 billion, a price-to-earnings ratio of 10.91, a PEG ratio of 1.72 and a beta of 0.59. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39. Ovintiv has a 12 month low of $32.16 and a 12 month high of $62.60. The firm has a 50-day moving average of $53.99 and a two-hundred day moving average of $44.56.
Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. The company had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter in the prior year, the firm earned ($0.23) EPS. As a group, analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the sale, the executive vice president owned 54,092 shares in the company, valued at $2,963,159.76. This trade represents a 17.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, the director owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This represents a 9.85% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is owned by company insiders.
Hedge Funds Weigh In On Ovintiv
A number of hedge funds have recently made changes to their positions in OVV. Steph & Co. purchased a new position in shares of Ovintiv during the 1st quarter worth approximately $29,000. McIlrath & Eck LLC purchased a new position in shares of Ovintiv during the 3rd quarter worth approximately $31,000. HM Payson & Co. purchased a new position in shares of Ovintiv during the 3rd quarter worth approximately $36,000. Foster Dykema Cabot & Partners LLC purchased a new position in shares of Ovintiv during the 3rd quarter worth approximately $36,000. Finally, Quent Capital LLC purchased a new position in shares of Ovintiv during the 3rd quarter worth approximately $37,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.
Ovintiv Company Profile
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.