Ovintiv (NYSE:OVV) Upgraded to “Strong-Buy” at Siebert Williams Shank

Siebert Williams Shank upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a report issued on Tuesday morning, Zacks.com reports.

OVV has been the subject of several other research reports. Wolfe Research started coverage on Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. Mizuho reduced their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Truist Financial lowered their price target on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Scotiabank raised their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Finally, Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Trading Up 0.1 %

Shares of Ovintiv stock opened at $41.10 on Tuesday. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The company’s fifty day simple moving average is $41.47 and its 200-day simple moving average is $46.36. The company has a market cap of $10.97 billion, a price-to-earnings ratio of 5.74, a PEG ratio of 8.02 and a beta of 2.61. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, sell-side analysts expect that Ovintiv will post 4.9 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio is currently 16.76%.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after buying an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after purchasing an additional 142,296 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Ovintiv by 114.9% during the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after purchasing an additional 1,618,556 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Ovintiv by 1.7% in the first quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock valued at $52,201,000 after purchasing an additional 17,206 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in Ovintiv by 6.2% in the 2nd quarter. Hsbc Holdings PLC now owns 976,001 shares of the company’s stock worth $45,778,000 after purchasing an additional 57,182 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.