Ovintiv (NYSE:OVV) Price Target Cut to $42.00 by Analysts at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its target price decreased by Wells Fargo & Company from $48.00 to $42.00 in a research note released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other research analysts also recently commented on OVV. Citigroup reduced their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. UBS Group decreased their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Truist Financial raised their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Evercore ISI lowered their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $56.59.

Ovintiv Stock Performance

OVV stock opened at $38.98 on Tuesday. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The firm has a market cap of $10.15 billion, a price-to-earnings ratio of 5.17 and a beta of 2.63. The business’s fifty day simple moving average is $42.19 and its two-hundred day simple moving average is $43.39. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.08%. Ovintiv’s payout ratio is 15.92%.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. lifted its holdings in shares of Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC raised its stake in Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after buying an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Ovintiv by 7,422.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after acquiring an additional 1,340,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after acquiring an additional 1,207,610 shares during the last quarter. Finally, SIR Capital Management L.P. acquired a new position in shares of Ovintiv during the second quarter valued at about $22,732,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.