Ovintiv (NYSE:OVV) Upgraded at Bank of America

Bank of America upgraded shares of Ovintiv (NYSE:OVV) from a neutral rating to a buy rating in a research note published on Monday, Marketbeat.com reports. The brokerage currently has $54.00 price target on the stock, down from their previous price target of $55.00.

Several other equities research analysts also recently weighed in on the company. Wells Fargo & Company cut their price target on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. 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 report on Tuesday, November 26th. Evercore ISI cut their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Barclays boosted their price target on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.81.

Ovintiv Stock Up 2.2 %

Shares of NYSE OVV opened at $44.55 on Monday. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The stock’s fifty day simple moving average is $42.12 and its two-hundred day simple moving average is $42.49. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $11.60 billion, a PE ratio of 5.91 and a beta of 2.63.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued 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 dividend yield of 2.69%. Ovintiv’s payout ratio is 15.92%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Pallas Capital Advisors LLC grew its position in Ovintiv by 128.4% during the fourth quarter. Pallas Capital Advisors LLC now owns 13,586 shares of the company’s stock worth $550,000 after buying an additional 7,637 shares during the period. Claro Advisors LLC acquired a new position in Ovintiv during the fourth quarter worth about $229,000. Nordea Investment Management AB grew its position in Ovintiv by 25.3% during the fourth quarter. Nordea Investment Management AB now owns 19,716 shares of the company’s stock worth $796,000 after buying an additional 3,986 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Ovintiv in the fourth quarter valued at approximately $449,000. Finally, Modus Advisors LLC grew its position in shares of Ovintiv by 3.1% in the fourth quarter. Modus Advisors LLC now owns 111,958 shares of the company’s stock valued at $4,534,000 after purchasing an additional 3,401 shares during the last quarter. 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.