Ovintiv (NYSE:OVV) Shares Up 4.2%

Ovintiv Inc. (NYSE:OVV)’s share price rose 4.2% during mid-day trading on Thursday . The stock traded as high as $43.01 and last traded at $43.01. Approximately 2,280,705 shares changed hands during trading, a decline of 27% from the average daily volume of 3,137,503 shares. The stock had previously closed at $41.26.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of analyst reports. TD Cowen upped their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. 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. UBS Group cut their target price on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Truist Financial decreased their price target on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research report on Monday. Finally, Scotiabank increased their price objective 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. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.17.

Ovintiv Stock Performance

The company has a market capitalization of $11.32 billion, a price-to-earnings ratio of 5.76, a P/E/G ratio of 6.82 and a beta of 2.62. The stock has a 50 day simple moving average of $41.73 and a 200 day simple moving average of $46.98. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) 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 return on equity of 18.28% and a net margin of 18.56%. As a group, analysts anticipate that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.79%. Ovintiv’s dividend payout ratio is currently 16.76%.

Institutional Trading of Ovintiv

A number of large investors have recently modified their holdings of OVV. American National Bank acquired a new position in Ovintiv during the 1st quarter valued at about $27,000. Innealta Capital LLC bought a new stake in shares of Ovintiv during the second quarter valued at approximately $39,000. Geneos Wealth Management Inc. raised its holdings in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after buying an additional 300 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Ovintiv during the fourth quarter worth approximately $68,000. Finally, International Assets Investment Management LLC bought a new position in Ovintiv in the 2nd quarter worth approximately $69,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

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.