Brokerages Set Ovintiv Inc. (NYSE:OVV) Price Target at $57.00

Shares of Ovintiv Inc. (NYSE:OVV) have been given an average rating of “Moderate Buy” by the eighteen brokerages that are presently covering the company, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $56.71.

OVV has been the topic of a number of recent analyst reports. Truist Financial increased their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday. Royal Bank of Canada cut their price target 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. Morgan Stanley lowered their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. JPMorgan Chase & Co. cut their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Evercore ISI lowered their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently bought and sold shares of OVV. Raymond James & Associates boosted its holdings in shares of Ovintiv by 1.2% in the third quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after acquiring an additional 2,275 shares in the last quarter. Quarry LP increased its position 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 during the period. Wedge Capital Management L L P NC increased its position in Ovintiv by 25.0% during the 2nd 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 period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Ovintiv during the 1st quarter worth approximately $1,149,000. Finally, Canandaigua National Bank & Trust Co. acquired a new stake in shares of Ovintiv in the 2nd quarter valued at approximately $1,441,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $44.97 on Thursday. The business has a 50-day simple moving average of $40.80 and a 200-day simple moving average of $44.36. The company has a market cap of $11.71 billion, a PE ratio of 5.96, a P/E/G ratio of 7.97 and a beta of 2.62. Ovintiv has a one year low of $36.90 and a one year high of $55.95. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders 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 is Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

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.