Ovintiv (NYSE:OVV) Price Target Lowered to $58.00 at Mizuho

Ovintiv (NYSE:OVV) had its price target lowered by Mizuho from $60.00 to $58.00 in a research report released on Wednesday, Benzinga reports. Mizuho currently has an outperform rating on the stock.

Several other research analysts have also recently issued reports on the stock. Citigroup cut their price target on shares of Ovintiv from $58.00 to $55.00 and set a buy rating for the company in a report on Monday. Bank of America reaffirmed a neutral rating and set a $55.00 price objective on shares of Ovintiv in a report on Friday, June 14th. Morgan Stanley cut their price objective on Ovintiv from $53.00 to $51.00 and set an equal weight rating for the company in a research report on Monday, September 16th. Scotiabank boosted 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, Evercore ISI lowered their price target on shares of Ovintiv from $60.00 to $54.00 and set an outperform rating on the stock in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $57.67.

Ovintiv Trading Up 0.6 %

NYSE:OVV opened at $42.09 on Wednesday. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. 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 stock’s 50 day simple moving average is $41.42 and its 200-day simple moving average is $46.69. The firm has a market cap of $11.24 billion, a P/E ratio of 5.88, a PEG ratio of 7.75 and a beta of 2.61.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Equities analysts anticipate that Ovintiv will post 4.98 EPS for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.85%. Ovintiv’s dividend payout ratio is currently 16.76%.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quarry LP grew its holdings in shares of 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 in the last quarter. Wedge Capital Management L L P NC lifted its stake in shares of Ovintiv by 25.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the period. FORA Capital LLC acquired a new stake in shares of Ovintiv during the first quarter worth $4,244,000. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Ovintiv during the first quarter worth $1,149,000. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in shares of Ovintiv in the second quarter valued at $1,441,000. 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.