Ovintiv (NYSE:OVV) Trading Up 5.6% on Analyst Upgrade

Ovintiv Inc. (NYSE:OVV)’s share price was up 5.6% during mid-day trading on Monday after Truist Financial raised their price target on the stock from $59.00 to $60.00. Truist Financial currently has a buy rating on the stock. Ovintiv traded as high as $46.06 and last traded at $46.04. Approximately 977,595 shares were traded during trading, a decline of 53% from the average daily volume of 2,079,708 shares. The stock had previously closed at $43.61.

Other analysts have also recently issued research reports about the stock. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $55.00 to $54.00 in a research report on Monday. Barclays upped their target price on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Scotiabank lifted their price target on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Finally, UBS Group decreased their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Four 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

Institutional Trading of Ovintiv

Several large investors have recently made changes to their positions in OVV. Daiwa Securities Group Inc. lifted its stake in Ovintiv by 6.9% during the second quarter. Daiwa Securities Group Inc. now owns 18,500 shares of the company’s stock worth $867,000 after purchasing an additional 1,200 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Ovintiv by 11.8% during the 2nd quarter. American Century Companies Inc. now owns 385,277 shares of the company’s stock worth $18,058,000 after buying an additional 40,772 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Ovintiv by 7.5% in the second quarter. DekaBank Deutsche Girozentrale now owns 32,813 shares of the company’s stock valued at $1,525,000 after buying an additional 2,295 shares in the last quarter. Meeder Advisory Services Inc. grew its position in Ovintiv by 54.0% in the second quarter. Meeder Advisory Services Inc. now owns 6,764 shares of the company’s stock valued at $317,000 after acquiring an additional 2,373 shares during the last quarter. Finally, Federated Hermes Inc. raised its stake in Ovintiv by 3.8% during the second quarter. Federated Hermes Inc. now owns 145,223 shares of the company’s stock worth $6,807,000 after acquiring an additional 5,323 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

The business’s fifty day moving average price is $42.12 and its 200 day moving average price is $42.49. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market cap of $11.60 billion, a P/E ratio of 5.91 and a beta of 2.63.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.69%. Ovintiv’s dividend payout ratio is currently 15.92%.

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.