JPMorgan Chase & Co. Cuts Ovintiv (NYSE:OVV) Price Target to $45.00

Ovintiv (NYSE:OVV) had its price objective decreased by JPMorgan Chase & Co. from $56.00 to $45.00 in a research report sent to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

OVV has been the topic of several other reports. Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Scotiabank lifted their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Barclays lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Citigroup dropped their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, National Bankshares lifted their price objective on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $56.61.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $40.50 on Thursday. The company has a market cap of $10.54 billion, a P/E ratio of 5.37 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv has a one year low of $36.62 and a one year high of $55.95. The business’s 50-day simple moving average is $42.87 and its 200 day simple moving average is $41.84.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. Ovintiv’s dividend payout ratio is currently 28.57%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Ovintiv by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after purchasing an additional 451,947 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in Ovintiv by 17.2% during the 3rd 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 period. Pacer Advisors Inc. boosted its position in Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares during the period. Smead Capital Management Inc. boosted its position in Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after acquiring an additional 212,535 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Ovintiv by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock worth $225,265,000 after acquiring an additional 683,700 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.