Royal Bank of Canada Trims Ovintiv (NYSE:OVV) Target Price to $61.00

Ovintiv (NYSE:OVV) had its price target reduced by research analysts at Royal Bank of Canada from $62.00 to $61.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 35.35% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Barclays assumed coverage on shares of Ovintiv in a research report on Wednesday, April 10th. They set an “overweight” rating and a $69.00 target price on the stock. UBS Group lifted their target price on shares of Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. TD Cowen lifted their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Wolfe Research initiated coverage on shares of Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target for the company. Finally, Morgan Stanley raised their price target on shares of Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $61.06.

Ovintiv Stock Performance

NYSE:OVV traded down $1.37 during mid-day trading on Thursday, reaching $45.07. 547,532 shares of the company’s stock were exchanged, compared to its average volume of 3,026,642. Ovintiv has a one year low of $39.68 and a one year high of $55.95. The firm has a market capitalization of $12.03 billion, a PE ratio of 6.27, a price-to-earnings-growth ratio of 7.54 and a beta of 2.63. The business’s fifty day simple moving average is $47.37 and its two-hundred day simple moving average is $48.11. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.56% and a return on equity of 18.40%. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. Analysts anticipate that Ovintiv will post 5.7 earnings per share for the current fiscal year.

Insider Activity at Ovintiv

In related news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently bought and sold shares of OVV. Ceredex Value Advisors LLC purchased a new position in Ovintiv during the 4th quarter worth $67,149,000. Balyasny Asset Management L.P. boosted its holdings in shares of Ovintiv by 1,560.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after buying an additional 1,363,865 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 shares during the period. Public Employees Retirement Association of Colorado increased its position in shares of Ovintiv by 2,602.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock worth $31,410,000 after purchasing an additional 688,690 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in shares of Ovintiv by 6,830.6% in the first quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock worth $21,334,000 after purchasing an additional 405,123 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other 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.