Ovintiv Inc. [OVV] is 117.06% higher this YTD. Is it still time to buy?

Ovintiv Inc. [NYSE: OVV] stock went on an upward path that rose over 1.37% on Friday, amounting to a one-week price increase of more than 6.13%. 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.”.

Over the last 12 months, OVV stock rose by 253.80%. The one-year Ovintiv Inc. stock forecast points to a potential upside of 18.02. The average equity rating for OVV stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $8.03 billion, with 261.10 million shares outstanding and 258.33 million shares in the current float. Compared to the average trading volume of 2.71M shares, OVV stock reached a trading volume of 2825702 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $38.02 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.

Seaport Global Securities have made an estimate for Ovintiv Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 23, 2021. While these analysts kept the previous recommendation, Cowen dropped their target price from $40 to $39. The new note on the price target was released on August 24, 2021, representing the official price target for Ovintiv Inc. stock. Previously, the target price had yet another raise to $38, while BofA Securities analysts kept a Buy rating on OVV stock.

The Average True Range (ATR) for Ovintiv Inc. is set at 1.32, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 1.28. The Price to Book ratio for the last quarter was 2.07, with the Price to Cash per share for the same quarter was set at 0.47. Price to Free Cash Flow for OVV in the course of the last twelve months was 6.35 with Quick ratio for the last quarter at 0.40.

OVV Stock Performance Analysis:

Ovintiv Inc. [OVV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 6.13. With this latest performance, OVV shares gained by 18.61% in over the last four-week period, additionally plugging by 28.54% over the last 6 months – not to mention a rise of 253.80% 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 65.41, with the RSI for the last a single of trading hit 69.31, and the three-weeks RSI is set at 61.95 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 29.55 for the last single week of trading, and 24.33 for the last 200 days.

Insight into Ovintiv Inc. 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 Position Details

There are presently around $5,739 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 $732.87 million in OVV stocks shares; and BLACKROCK INC., currently with $659.42 million in OVV stock with ownership of nearly -3.391% of the company’s market capitalization.

>> 7 Top Picks for the Post-Pandemic Economy <<

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.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on skype
Skype
Share on reddit
Reddit

Leave a Comment

Your email address will not be published. Required fields are marked *

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam