Ovintiv Inc. (NYSE:OVV) Receives $56.61 Consensus Target Price from Brokerages

Ovintiv Inc. (NYSE:OVV) has been given a consensus recommendation of “Moderate Buy” by the eighteen analysts that are covering the stock, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $56.78.

Several brokerages recently commented on OVV. Barclays raised their target price on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Wells Fargo & Company raised their target price on Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday. JPMorgan Chase & Co. reduced their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Truist Financial increased their price objective on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th.

Ovintiv Stock Down 1.4 %

Shares of OVV stock opened at $41.52 on Wednesday. The stock has a market cap of $10.81 billion, a P/E ratio of 5.51 and a beta of 2.55. Ovintiv has a one year low of $36.62 and a one year high of $55.95. The stock has a fifty day moving average price of $42.80 and a 200 day moving average price of $41.79. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.89%. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. True Wealth Design LLC increased its position in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after purchasing an additional 636 shares during the period. Colonial Trust Co SC acquired a new stake in Ovintiv in the fourth quarter worth about $28,000. MassMutual Private Wealth & Trust FSB increased its position in Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after purchasing an additional 360 shares during the period. Smartleaf Asset Management LLC increased its position in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after purchasing an additional 335 shares during the period. Finally, Mizuho Bank Ltd. acquired a new stake in Ovintiv in the fourth quarter worth about $40,000. 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.