Ovintiv (NYSE:OVV) PT Lowered to $42.00 at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price target lowered by Wells Fargo & Company from $51.00 to $42.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

OVV has been the subject of a number of other research reports. JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $60.00 to $51.00 and set an overweight rating for the company in a report 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 for the company in a research note on Monday, September 16th. TD Cowen increased their price objective on Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research note on Monday, June 10th. Scotiabank lifted their target price on Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a research report on Friday, July 12th. Finally, UBS Group lowered their target price on Ovintiv from $61.00 to $57.00 and set a buy rating for the company in a report on Wednesday, September 18th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $58.17.

Ovintiv Trading Up 4.1 %

OVV opened at $42.95 on Tuesday. 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 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of 6.00, a P/E/G ratio of 6.82 and a beta of 2.62. The stock’s 50 day moving average price is $41.68 and its 200-day moving average price is $46.95.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. On average, equities analysts forecast that Ovintiv will post 5.26 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio is currently 16.76%.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. American National Bank purchased a new position in Ovintiv in the first quarter worth $27,000. Innealta Capital LLC acquired a new position in Ovintiv during the 2nd quarter valued at about $39,000. Geneos Wealth Management Inc. increased its position in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after buying an additional 300 shares in the last quarter. Atlas Capital Advisors LLC purchased a new stake in Ovintiv in the first quarter valued at about $74,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv in the second quarter worth about $69,000. Hedge funds and other institutional investors 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.