JPMorgan Chase & Co. Trims Ovintiv (NYSE:OVV) Target Price to $51.00

Ovintiv (NYSE:OVV) had its price target cut by JPMorgan Chase & Co. from $60.00 to $51.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an overweight rating on the stock.

OVV has been the subject of a number of other reports. Royal Bank of Canada lowered their target price on Ovintiv from $62.00 to $61.00 and set a sector perform rating for the company in a research note on Thursday, August 1st. Truist Financial boosted their target price on shares of Ovintiv from $60.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Scotiabank increased their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a research note on Friday, July 12th. Evercore ISI restated an outperform rating and issued a $60.00 price objective on shares of Ovintiv in a research report on Wednesday, July 10th. Finally, Wolfe Research started coverage on Ovintiv in a report on Thursday, July 18th. They set an outperform rating and a $65.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv presently has a consensus rating of Moderate Buy and an average price target of $60.17.

Ovintiv Trading Up 0.1 %

Shares of OVV stock opened at $38.81 on Thursday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.36 billion, a P/E ratio of 5.42, a P/E/G ratio of 6.23 and a beta of 2.62. Ovintiv has a 12-month low of $37.81 and a 12-month high of $55.95. The firm has a 50-day moving average price of $43.74 and a 200 day moving average price of $47.91.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Research analysts forecast that Ovintiv will post 5.81 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.09%. Ovintiv’s dividend payout ratio is 16.76%.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after buying an additional 1,024,931 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after purchasing an additional 142,296 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Ovintiv by 114.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Balyasny Asset Management L.P. grew its position in shares of Ovintiv by 1,560.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after purchasing an additional 1,363,865 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in Ovintiv by 3.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after purchasing an additional 44,241 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.