Ovintiv Inc. (NYSE:OVV) Receives $57.00 Average Target Price from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have been given a consensus recommendation of “Moderate Buy” by the eighteen ratings firms that are presently covering the company, MarketBeat reports. Five 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 company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $56.71.

Several research firms recently weighed in on OVV. Barclays upped their price objective on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Scotiabank upped their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday. UBS Group lifted their target price on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Monday. Truist Financial upped their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th.

Ovintiv Stock Up 2.6 %

NYSE OVV opened at $45.75 on Thursday. The company has a 50 day moving average of $41.06 and a 200-day moving average of $44.32. The company has a market cap of $11.91 billion, a price-to-earnings ratio of 6.07 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95.

Ovintiv Dividend Announcement

The business also recently declared 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 2.62%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is currently 15.92%.

Institutional Trading of Ovintiv

Several hedge funds have recently added to or reduced their stakes in OVV. Vanguard Group Inc. grew its stake in shares of 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 acquiring an additional 1,024,931 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of Ovintiv by 17.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after purchasing an additional 1,207,610 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after buying an additional 6,486,159 shares in the last quarter. Smead Capital Management Inc. grew its stake in Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after buying an additional 212,535 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in Ovintiv by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after acquiring an additional 205,409 shares during the period. Institutional investors own 83.81% of the company’s stock.

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.