Brokerages Set Ovintiv Inc. (NYSE:OVV) Target Price at $57.00

Ovintiv Inc. (NYSE:OVV) has been assigned an average rating of “Moderate Buy” from the eighteen research firms that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $57.00.

A number of equities analysts have recently commented on the company. Morgan Stanley cut their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada cut their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. UBS Group decreased their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Wells Fargo & Company cut their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Finally, Wolfe Research initiated coverage on shares of Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock.

Institutional Trading of Ovintiv

A number of hedge funds have recently made changes to their positions in OVV. GAMMA Investing LLC boosted its stake in Ovintiv by 7.5% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after acquiring an additional 220 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the last quarter. Covestor Ltd grew its stake in Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 53.4% in 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. Finally, Blue Trust Inc. raised its stake in Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after buying an additional 347 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $40.43 on Friday. The company has a market cap of $10.66 billion, a P/E ratio of 5.70, a P/E/G ratio of 7.84 and a beta of 2.61. The firm’s 50 day moving average is $41.31 and its two-hundred day moving average is $45.94. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. 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 issued its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share 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 analyst estimates of $2.53 billion. Analysts expect that Ovintiv will post 4.87 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s payout ratio is 16.93%.

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.