Analysts Set Ovintiv Inc. (NYSE:OVV) PT at $59.83

Ovintiv Inc. (NYSE:OVV) has earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are presently covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $59.83.

A number of equities analysts have commented on the company. Morgan Stanley lowered their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. decreased their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Truist Financial upped their price objective on shares of Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Wells Fargo & Company decreased their target price on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a report on Thursday, August 1st. Finally, UBS Group dropped their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently bought and sold shares of OVV. Janney Montgomery Scott LLC grew its holdings in shares of Ovintiv by 20.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 21,859 shares of the company’s stock worth $960,000 after purchasing an additional 3,668 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Ovintiv by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock valued at $631,000 after acquiring an additional 1,416 shares during the period. UBS Group AG raised its stake in shares of Ovintiv by 4.3% during the fourth quarter. UBS Group AG now owns 357,561 shares of the company’s stock valued at $15,704,000 after acquiring an additional 14,879 shares during the last quarter. Coldstream Capital Management Inc. acquired a new position in shares of Ovintiv during the fourth quarter worth $208,000. Finally, Trexquant Investment LP bought a new stake in shares of Ovintiv in the fourth quarter worth $305,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Trading Up 3.7 %

Shares of Ovintiv stock opened at $38.37 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The firm has a 50-day moving average of $42.11 and a 200-day moving average of $47.18. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The stock has a market cap of $10.11 billion, a PE ratio of 5.36, a PEG ratio of 7.23 and a beta of 2.62.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. As a group, sell-side analysts forecast that Ovintiv will post 5.26 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

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.