Truist Financial Boosts Ovintiv (NYSE:OVV) Price Target to $59.00

Ovintiv (NYSE:OVV) had its price objective lifted by Truist Financial from $57.00 to $59.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently commented on the company. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Royal Bank of Canada cut their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Citigroup decreased their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Mizuho dropped their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lowered 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. Five 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Price Performance

OVV stock opened at $44.97 on Friday. The company has a market capitalization of $11.71 billion, a P/E ratio of 5.96, a PEG ratio of 7.97 and a beta of 2.62. The company has a fifty day moving average price of $40.80 and a 200-day moving average price of $44.36. 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 52-week low of $36.90 and a 52-week high of $55.95.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Raymond James & Associates grew its holdings in shares of Ovintiv by 1.2% during the third quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after buying an additional 2,275 shares during the last quarter. Quarry LP increased its holdings in 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. Wedge Capital Management L L P NC raised its stake in shares of Ovintiv by 25.0% in the second quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Ovintiv in the first quarter valued at approximately $1,149,000. Finally, Canandaigua National Bank & Trust Co. purchased a new position in shares of Ovintiv during the second quarter valued at approximately $1,441,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.