Ovintiv’s (OVV) “Overweight” Rating Reiterated at Morgan Stanley

Morgan Stanley reiterated their overweight rating on shares of Ovintiv (NYSE:OVV) in a report issued on Wednesday, Marketbeat reports. They currently have a $57.00 price target on the stock.

Several other research firms have also recently commented on OVV. Citigroup cut their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Mizuho cut their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $55.00 to $54.00 in a report on Monday, January 13th. JPMorgan Chase & Co. cut their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $57.17.

Ovintiv Stock Performance

OVV stock opened at $42.24 on Wednesday. Ovintiv has a 1-year low of $36.62 and a 1-year high of $55.95. The business’s 50-day moving average price is $42.59 and its two-hundred day moving average price is $41.88. The firm has a market cap of $11.00 billion, a PE ratio of 5.60 and a beta of 2.55. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Institutional Trading of Ovintiv

A number of hedge funds have recently made changes to their positions in OVV. Pathstone Holdings LLC raised its stake in Ovintiv by 82.2% in the 3rd quarter. Pathstone Holdings LLC now owns 41,645 shares of the company’s stock valued at $1,595,000 after acquiring an additional 18,783 shares during the period. Advisors Asset Management Inc. raised its position in shares of Ovintiv by 88.3% in the third quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company’s stock valued at $434,000 after purchasing an additional 5,315 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Ovintiv by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after buying an additional 133,192 shares during the last quarter. Citigroup Inc. boosted its holdings in shares of Ovintiv by 3.5% during the 3rd quarter. Citigroup Inc. now owns 450,565 shares of the company’s stock worth $17,261,000 after buying an additional 15,066 shares during the period. Finally, Cerity Partners LLC grew its stake in Ovintiv by 41.3% in the 3rd quarter. Cerity Partners LLC now owns 69,869 shares of the company’s stock valued at $2,677,000 after buying an additional 20,412 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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.