Ovintiv (NYSE:OVV) Sets New 12-Month Low at $37.41

Ovintiv Inc. (NYSE:OVV) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $37.41 and last traded at $37.42, with a volume of 619187 shares traded. The stock had previously closed at $38.84.

Analysts Set New Price Targets

Several analysts have recently commented on OVV shares. Morgan Stanley reduced their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Wolfe Research assumed coverage on Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Wells Fargo & Company lowered their price target on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Scotiabank upped their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 12th. Finally, Truist Financial lifted their price target on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $59.83.

Ovintiv Stock Down 2.7 %

The stock has a market cap of $9.96 billion, a price-to-earnings ratio of 5.42, a P/E/G ratio of 7.32 and a beta of 2.62. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average is $42.50 and its two-hundred day moving average is $47.40.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, sell-side analysts predict that Ovintiv Inc. will post 5.26 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.18%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Hedge Funds Weigh In On Ovintiv

A number of large investors have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Ovintiv in the 2nd quarter worth about $164,000. Sanctuary Advisors LLC purchased a new position in Ovintiv in the second quarter valued at approximately $302,000. Cetera Investment Advisers lifted its position in Ovintiv by 1.0% during the second quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock valued at $1,756,000 after buying an additional 353 shares in the last quarter. Quarry LP grew its stake in Ovintiv by 89.1% during the second quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after buying an additional 19,272 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Ovintiv by 21.5% in the second quarter. NewEdge Advisors LLC now owns 27,293 shares of the company’s stock worth $1,279,000 after acquiring an additional 4,827 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.