Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Barclays Analyst Says

Ovintiv (NYSE:OVV) had its price objective hoisted by Barclays from $53.00 to $57.00 in a research report report published on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also weighed in on OVV. Mizuho reduced their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. JPMorgan Chase & Co. reduced their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Royal Bank of Canada reduced their target price on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Truist Financial cut their price objective on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, Evercore ISI cut their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Stock Down 2.1 %

OVV stock opened at $43.79 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.40 billion, a PE ratio of 5.81, a PEG ratio of 7.97 and a beta of 2.62. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a 50-day simple moving average of $40.71 and a two-hundred day simple moving average of $44.41.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC boosted its stake in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. Innealta Capital LLC bought a new stake in Ovintiv in the second quarter valued at approximately $39,000. UMB Bank n.a. lifted its position in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Ovintiv in the second quarter valued at approximately $69,000. Finally, Covestor Ltd lifted its position in Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after purchasing an additional 293 shares during 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.