Ovintiv Inc. [OVV] gain 18.58% so far this year. What now?


Ovintiv Inc. [NYSE: OVV] loss -8.14% or -3.54 points to close at $39.96 with a heavy trading volume of 7396197 shares. The company report on May 9, 2022 that Ovintiv Reports First Quarter 2022 Financial and Operating Results.

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Company Increases Quarterly Dividend by 25%; Announces Debt Redemption; Announces Plan to Double Shareholder Returns Resulting in 2022 Returns of ~$1 billion.

It opened the trading session at $42.47, the shares rose to $42.82 and dropped to $38.85, the range by which the price of stock traded the whole day. The daily chart for OVV points out that the company has recorded 18.58% gains over the past six months. However, it is still -82.3% lower than its most recent low trading price.

If we look at the average trading volume of 5.53M shares, OVV reached to a volume of 7396197 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $70.40 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 2.10. 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.

JP Morgan have made an estimate for Ovintiv Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on June 28, 2022. While these analysts kept the previous recommendation, CapitalOne raised their target price from $61 to $82. The new note on the price target was released on March 23, 2022, representing the official price target for Ovintiv Inc. stock. Previously, the target price had yet another raise from $60 to $73, while BofA Securities kept a Neutral rating on OVV stock. On February 28, 2022, analysts increased their price target for OVV shares from 47 to 50.

The Average True Range (ATR) for Ovintiv Inc. is set at 3.40, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 1.18. The Price to Book ratio for the last quarter was 2.20, with the Price to Cash per share for the same quarter was set at 1.04. Price to Free Cash Flow for OVV in the course of the last twelve months was 8.55 with Quick ratio for the last quarter at 0.50.

Trading performance analysis for OVV stock

Ovintiv Inc. [OVV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -15.48. With this latest performance, OVV shares dropped by -31.47% in over the last four-week period, additionally plugging by 18.58% over the last 6 months – not to mention a rise of 24.06% 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 33.73, with the RSI for the last a single of trading hit 28.65, and the three-weeks RSI is set at 37.52 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 50.76, while it was recorded at 44.40 for the last single week of trading, and 42.73 for the last 200 days.

Ovintiv Inc. [OVV]: A deeper dive into fundamental analysis

Ovintiv Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.50.

Ovintiv Inc. [OVV]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OVV. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Ovintiv Inc. go to 37.28%.

An analysis of insider ownership at Ovintiv Inc. [OVV]

There are presently around $9,142 million, or 82.10% of OVV stock, in the hands of institutional investors. The top three institutional holders of OVV stocks are: VANGUARD GROUP INC with ownership of 26,283,713, which is approximately -4.1% of the company’s market cap and around 0.20% of the total institutional ownership; BLACKROCK INC., holding 23,232,740 shares of the stock with an approximate value of $1.01 billion in OVV stocks shares; and DODGE & COX, currently with $897.06 million in OVV stock with ownership of nearly -5.528% of the company’s market capitalization.

215 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 36,169,092 shares. Additionally, 192 investors decreased positions by around 23,750,560 shares, while 40 investors held positions by with 150,231,471 shares. The mentioned changes placed institutional holdings at 210,151,123 shares, according to the latest SEC report filing. OVV stock had 83 new institutional investments in for a total of 12,835,742 shares, while 42 institutional investors sold positions of 3,979,458 shares during the same period.