UBS Group Cuts Ovintiv (NYSE:OVV) Price Target to $57.00

Ovintiv (NYSE:OVV) had its price objective cut by UBS Group from $61.00 to $57.00 in a report released on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

Other research analysts also recently issued reports about the company. Truist Financial lifted their price target on Ovintiv from $60.00 to $62.00 and gave the stock a buy rating in a research report on Thursday, August 1st. TD Cowen boosted their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research report on Monday, June 10th. JPMorgan Chase & Co. cut their target price on shares of Ovintiv from $60.00 to $51.00 and set an overweight rating for the company in a research note on Thursday, September 12th. Morgan Stanley decreased their price target on shares of Ovintiv from $53.00 to $51.00 and set an equal weight rating on the stock in a research report on Monday. Finally, Bank of America restated a neutral rating and set a $55.00 price objective on shares of Ovintiv in a report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $59.83.

Ovintiv Stock Performance

NYSE:OVV opened at $39.96 on Wednesday. The firm has a market capitalization of $10.67 billion, a PE ratio of 5.58, a PEG ratio of 6.24 and a beta of 2.62. Ovintiv has a 1 year low of $37.81 and a 1 year high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The firm’s fifty day simple moving average is $43.31 and its 200 day simple moving average is $47.71.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. On average, sell-side analysts anticipate that Ovintiv will post 5.81 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.00%. Ovintiv’s payout ratio is presently 16.76%.

Hedge Funds Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in Ovintiv in the second quarter valued at $164,000. Sanctuary Advisors LLC bought a new stake in shares of Ovintiv in the 2nd quarter worth about $302,000. Cetera Investment Advisers grew its holdings in shares of Ovintiv by 1.0% in the 2nd quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock worth $1,756,000 after purchasing an additional 353 shares during the last quarter. Quarry LP increased its position in shares of Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after purchasing an additional 19,272 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in Ovintiv by 21.5% during the 2nd quarter. NewEdge Advisors LLC now owns 27,293 shares of the company’s stock valued at $1,279,000 after purchasing an additional 4,827 shares during the last quarter. Institutional investors 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.