JP Morgan lifts Ovintiv Inc. [OVV] price estimate. Who else is bullish?



Ovintiv Inc. [NYSE: OVV] loss -4.53% on the last trading session, reaching $40.27 price per share at the time. The company report on July 6, 2022 that Ovintiv to Accelerate Doubling of Shareholder Returns; Announces Agreements to sell Portions of its Uinta and Bakken Assets for Approximately $250 Million.

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Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced it has reached agreements with two counterparties to sell portions of its assets located in the Uinta and Bakken Basins for total proceeds of approximately $250 million.

As a result of these agreements and continued strong financial and operational results, Ovintiv has elected to accelerate the doubling of its cash returns to shareholders. Starting immediately for the third quarter, Ovintiv will increase its returns to shareholders to 50% of the previous quarter’s Non-GAAP Free Cash Flow after base dividends. Previously the company had planned to increase cash returns to the 50% level starting October 1st. Cash returns in the third quarter are anticipated to be delivered through share buybacks.

Ovintiv Inc. represents 257.40 million in outstanding shares, while the company has a total market value of $10.33 billion with the latest information. OVV stock price has been found in the range of $39.40 to $41.34.

If compared to the average trading volume of 5.70M shares, OVV reached a trading volume of 3768343 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 $69.44 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 3.26, 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 2.21, with the Price to Cash per share for the same quarter was set at 1.06. Price to Free Cash Flow for OVV in the course of the last twelve months was 8.49 with Quick ratio for the last quarter at 0.50.

Trading performance analysis for OVV stock

Ovintiv Inc. [OVV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.78. With this latest performance, OVV shares dropped by -32.73% in over the last four-week period, additionally plugging by 6.51% over the last 6 months – not to mention a rise of 32.12% 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 37.25, with the RSI for the last a single of trading hit 34.79, and the three-weeks RSI is set at 39.65 for Ovintiv Inc. [OVV]. The present Moving Average for the last 50 days of trading for this stock 49.89, while it was recorded at 41.56 for the last single week of trading, and 43.04 for the last 200 days.

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

Operating Margin for any stock indicates how profitable investing would be, and Ovintiv Inc. [OVV] shares currently have an operating margin of -4.19 and a Gross Margin at +4.37. Ovintiv Inc.’s Net Margin is presently recorded at -109.27.

Return on Total Capital for OVV is now -1.56, given the latest momentum, and Return on Invested Capital for the company is -41.78. Return on Equity for this stock declined to -88.57, with Return on Assets sitting at -33.91. When it comes to the capital structure of this company, Ovintiv Inc. [OVV] has a Total Debt to Total Equity ratio set at 208.81. Additionally, OVV Total Debt to Total Capital is recorded at 67.62, with Total Debt to Total Assets ending up at 55.37. Long-Term Debt to Equity for the company is recorded at 191.40, with the Long-Term Debt to Total Capital now at 61.98.

Reflecting on the efficiency of the workforce at the company, Ovintiv Inc. [OVV] managed to generate an average of -$3,182,150 per employee. Receivables Turnover for the company is 4.32 with a Total Asset Turnover recorded at a value of 0.31.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 38.52%.

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

There are presently around $8,864 million, or 83.10% 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 $979.96 million in OVV stocks shares; and DODGE & COX, currently with $869.84 million in OVV stock with ownership of nearly -5.528% of the company’s market capitalization.

Positions in Ovintiv Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 216 institutional holders increased their position in Ovintiv Inc. [NYSE:OVV] by around 36,188,677 shares. Additionally, 192 investors decreased positions by around 23,784,298 shares, while 40 investors held positions by with 150,164,365 shares. The mentioned changes placed institutional holdings at 210,137,340 shares, according to the latest SEC report filing. OVV stock had 85 new institutional investments in for a total of 12,854,800 shares, while 42 institutional investors sold positions of 4,013,196 shares during the same period.