Ovintiv Inc. [NYSE: OVV] closed the trading session at $29.90 on 09/15/21. The day’s price range saw the stock hit a low of $29.30, while the highest price level was $30.33. The company report on September 10, 2021 that Ovintiv Announces Increasing Shareholder Returns with New Capital Allocation Framework.
Ovintiv Inc. (NYSE: OVV) (TSX: OVV) announced a new capital allocation framework, which supports the Company’s goal of unlocking shareholder value by delivering on its strategic priorities of financial strength, increasing cash returns to shareholders, generating superior returns on capital investment, and driving ESG progress.
“We are committed to unlocking shareholder value by delivering on our strategic priorities,” said Ovintiv President and CEO, Brendan McCracken. “We are at the forefront of driving innovation to produce oil and gas from shale both profitably and sustainably. We will generate superior returns and free cash flow by continuously improving capital efficiency and expanding margins while driving down emissions. We will deliver that value to our shareholders through disciplined capital allocation. Over the next 10 years, our business is set to generate about $15 billion of free cash flow(1) at $55 per barrel WTI flat oil pricing and would generate about $21 billion at $65 per barrel. Our capital allocation framework sets out our commitment to financial strength, generating superior returns on the capital we invest, returning cash to our shareholders, and driving ESG progress.”.
The stocks have a year to date performance of 108.22 percent and weekly performance of 6.67 percent. The stock has been moved at 12.96 percent over the last six months. The stock has performed 27.29 percent around the most recent 30 days and changed -5.80 percent over the most recent 3-months.
If compared to the average trading volume of 2.66M shares, OVV reached to a volume of 3344892 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Ovintiv Inc. [OVV]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OVV shares is $37.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OVV stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Cowen have made an estimate for Ovintiv Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on August 24, 2021. While these analysts kept the previous recommendation, BofA Securities raised their target price to Buy. The new note on the price target was released on August 17, 2021, representing the official price target for Ovintiv Inc. stock. Previously, the target price had yet another raise to $38, while Wells Fargo analysts kept a Overweight rating on OVV stock.
The Average True Range (ATR) for Ovintiv Inc. is set at 1.25, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 1.23. The Price to Book ratio for the last quarter was 1.98, with the Price to Cash per share for the same quarter was set at 0.48. Price to Free Cash Flow for OVV in the course of the last twelve months was 6.05 with Quick ratio for the last quarter at 0.40.
OVV stock trade performance evaluation
Ovintiv Inc. [OVV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.67. With this latest performance, OVV shares gained by 27.29% in over the last four-week period, additionally plugging by 12.96% over the last 6 months – not to mention a rise of 226.78% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OVV stock in for the last two-week period is set at 63.77, with the RSI for the last a single of trading hit 67.67, and the three-weeks RSI is set at 60.07 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 26.66, while it was recorded at 28.91 for the last single week of trading, and 23.78 for the last 200 days.
Ovintiv Inc. [OVV]: An insightful look at the core fundamentals
Ovintiv Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.40 and a Current Ratio set at 0.40.
Ovintiv Inc. [OVV]: Insider Ownership positions
There are presently around $5,506 million, or 74.30% of OVV stock, in the hands of institutional investors. The top three institutional holders of OVV stocks are: VANGUARD GROUP INC with ownership of 27,204,165, which is approximately 6.959% of the company’s market cap and around 1.05% of the total institutional ownership; DODGE & COX, holding 23,512,137 shares of the stock with an approximate value of $703.01 million in OVV stocks shares; and BLACKROCK INC., currently with $632.55 million in OVV stock with ownership of nearly -3.391% of the company’s market capitalization.
150 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 19,868,100 shares. Additionally, 138 investors decreased positions by around 17,804,420 shares, while 55 investors held positions by with 146,460,362 shares. The mentioned changes placed institutional holdings at 184,132,882 shares, according to the latest SEC report filing. OVV stock had 51 new institutional investments in for a total of 7,619,143 shares, while 30 institutional investors sold positions of 903,490 shares during the same period.