Ovintiv (NYSE:OVV) Price Target Raised to $45.00

Ovintiv (NYSE:OVV) had its target price boosted by Wells Fargo & Company from $44.00 to $45.00 in a research report sent to investors on Thursday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities analysts also recently commented on OVV. Mizuho lowered their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. National Bankshares boosted their price target on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Truist Financial lifted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Four investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.78.

Ovintiv Price Performance

Shares of OVV stock opened at $41.52 on Thursday. The firm has a fifty day simple moving average of $42.80 and a 200-day simple moving average of $41.80. The company has a market capitalization of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55. Ovintiv has a twelve month low of $36.62 and a twelve month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio is currently 28.57%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OVV. True Wealth Design LLC grew its holdings in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after acquiring an additional 636 shares in the last quarter. Colonial Trust Co SC acquired a new position in Ovintiv in the 4th quarter worth about $28,000. MassMutual Private Wealth & Trust FSB increased its position in Ovintiv by 100.8% in the 4th 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 last quarter. Smartleaf Asset Management LLC raised its stake in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Finally, Optiver Holding B.V. acquired a new stake in shares of Ovintiv during the 4th quarter valued at about $40,000. 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.