Ovintiv Inc [OVV] Stock trading around $43.92 per share: What’s Next?

Ovintiv Inc [NYSE: OVV] slipped around -0.17 points on Wednesday, while shares priced at $43.92 at the close of the session, down -0.39%. The company report on November 20, 2023 at 11:36 PM that Ovintiv Announces Upsize and Pricing of Offering of Common Stock by a Selling Stockholder.

Ovintiv Inc. (NYSE: OVV) (TSX: OVV) (the “Company”) today announced the upsize and pricing of a previously announced underwritten public offering of its common stock (the “Offering”) by NMB Stock Trust, a Delaware statutory trust (the “Selling Stockholder”). The size of the Offering increased from the previously announced 8,400,000 shares to an aggregate of 9,400,000 shares of the Company’s common stock at a price to the public of US$44.35 per share, for gross proceeds of approximately US$416.9 million, before underwriting discount and estimated offering expenses. The Company will not sell any shares of its common stock in the Offering and will not receive any proceeds from the sale of the shares in the Offering. The Offering is expected to close on November 22, 2023, subject to customary closing conditions.

#1 Small-Cap Uranium Stock for Ultra-Fast Gains in 2024

We've uncovered THE ONE small-cap uranium stock that has unearthed a near-surface, high-grade uranium discovery in the Saudi Arabia of Uranium — Canada's prolific Athabasca Basin. Best of all, this small-cap uranium stock is currently flying just below Wall Street's radar… giving you the early-entry opportunity around US$0.30 per share. But that won't last long. Drills are turning right now with results set to be released to the market very, very soon.

Learn all about it in this brand new FREE online report.
Sponsored

Goldman Sachs & Co. LLC is acting as underwriter for this Offering. The shares will be sold in a registered offering pursuant to an effective automatic shelf registration statement on Form S-3 that was previously filed with the U.S. Securities and Exchange Commission (the “SEC”), a prospectus and a related prospectus supplement. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this Offering. A copy of the prospectus relating to the securities can be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com. These documents may also be accessed by visiting the SEC’s website at www.sec.gov.

Ovintiv Inc stock is now -13.39% down from its year-to-date (YTD) trading value. OVV Stock saw the intraday high of $44.427 and lowest of $43.495 per share. The company’s 52-week high price is 57.13, which means current price is +36.95% above from all time high which was touched on 01/27/23.

Compared to the average trading volume of 3.01M shares, OVV reached a trading volume of 3639306 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $57.70 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 1.88. 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.

Citigroup have made an estimate for Ovintiv Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 22, 2023.

The Average True Range (ATR) for Ovintiv Inc is set at 1.24, with the Price to Sales ratio for OVV stock in the period of the last 12 months amounting to 1.08. The Price to Book ratio for the last quarter was 1.25, with the Price to Cash per share for the same quarter was set at 0.01. Price to Free Cash Flow for OVV in the course of the last twelve months was 10.12 with Quick ratio for the last quarter at 0.45.

How has OVV stock performed recently?

Ovintiv Inc [OVV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.68. With this latest performance, OVV shares dropped by -7.56% in over the last four-week period, additionally plugging by 32.81% over the last 6 months – not to mention a drop of -18.44% 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 38.15, with the RSI for the last a single of trading hit 35.25, and the three-weeks RSI is set at 40.97 for Ovintiv Inc [OVV]. The present Moving Average for the last 50 days of trading for this stock 46.86, while it was recorded at 44.41 for the last single week of trading, and 41.93 for the last 200 days.

Ovintiv Inc [OVV]: Deeper insight into the fundamentals

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 0.45 and a Current Ratio set at 0.45.

Earnings analysis for Ovintiv Inc [OVV]

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 13.10%.

Insider trade positions for Ovintiv Inc [OVV]

The top three institutional holders of OVV stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in OVV stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in OVV stock with ownership which is approximately 5.7994%.