Ovintiv Inc. (NYSE:OVV) Receives $56.59 Average PT from Analysts

Ovintiv Inc. (NYSE:OVV) has been assigned a consensus rating of “Moderate Buy” from the eighteen brokerages that are currently covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $56.59.

OVV has been the subject of several research analyst reports. Scotiabank lifted their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Barclays boosted their target price on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Truist Financial upped their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Finally, Morgan Stanley decreased 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.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC increased its holdings in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares during the last quarter. UMB Bank n.a. raised its holdings in Ovintiv by 27.7% in the 3rd 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 period. Transamerica Financial Advisors Inc. bought a new position in Ovintiv in the 3rd quarter worth $65,000. Covestor Ltd lifted its position in Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after purchasing an additional 560 shares in the last quarter. Finally, Abich Financial Wealth Management LLC purchased a new stake in Ovintiv in the third quarter worth about $122,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

NYSE:OVV opened at $41.79 on Friday. The stock has a market cap of $10.88 billion, a P/E ratio of 5.54 and a beta of 2.63. 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 business’s 50-day moving average price is $41.70 and its two-hundred day moving average price is $42.66. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.87%. Ovintiv’s payout ratio is currently 15.92%.

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.