Ovintiv (NYSE:OVV) Trading 4.5% Higher – What’s Next?

Ovintiv Inc. (NYSE:OVV) shares shot up 4.5% during trading on Monday . The company traded as high as $40.53 and last traded at $40.41. 1,148,005 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 3,061,130 shares. The stock had previously closed at $38.68.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OVV. Scotiabank boosted their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th. Evercore ISI lowered their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Morgan Stanley dropped their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Finally, Wells Fargo & Company dropped their price target on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $56.59.

Ovintiv Stock Performance

The stock has a market capitalization of $10.40 billion, a price-to-earnings ratio of 5.30 and a beta of 2.63. The company has a 50 day simple moving average of $41.63 and a 200-day simple moving average of $42.84. 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 business 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 dividend yield of 3.00%. Ovintiv’s payout ratio is presently 15.92%.

Institutional Investors Weigh In On Ovintiv

Large investors have recently bought and sold shares of the stock. True Wealth Design LLC grew 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 valued at $25,000 after acquiring an additional 636 shares during the period. UMB Bank n.a. grew its position in Ovintiv by 27.7% in the 3rd 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 period. International Assets Investment Management LLC bought a new stake in Ovintiv during the 2nd quarter valued at $69,000. Transamerica Financial Advisors Inc. acquired a new position in Ovintiv during the third quarter worth $65,000. Finally, Covestor Ltd lifted its stake in shares of Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after buying an additional 560 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.