Brokerages Set Ovintiv Inc. (NYSE:OVV) PT at $56.81

Shares of Ovintiv Inc. (NYSE:OVV) have received an average rating of “Moderate Buy” from the eighteen ratings firms that are covering the company, MarketBeat.com reports. Four analysts have rated the stock with a hold rating, thirteen 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 $56.88.

Several research analysts have commented on the stock. Mizuho dropped their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. National Bankshares raised their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Scotiabank raised their target price on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Truist Financial lifted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently made changes to their positions in the stock. Raymond James & Associates increased its holdings in Ovintiv by 1.2% in the third quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after buying an additional 2,275 shares in the last quarter. Quarry LP grew its stake in Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after acquiring an additional 19,272 shares in the last quarter. Franklin Resources Inc. grew its stake in Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after acquiring an additional 37,341 shares in the last quarter. Smead Capital Management Inc. grew its stake in Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after acquiring an additional 212,535 shares in the last quarter. Finally, Retirement Systems of Alabama grew its stake in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after acquiring an additional 13,536 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

OVV stock opened at $42.02 on Tuesday. The stock has a market capitalization of $10.94 billion, a PE ratio of 5.57 and a beta of 2.63. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock’s 50 day simple moving average is $42.45 and its 200 day simple moving average is $42.22.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.76. The business had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.32 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. During the same period in the previous year, the business earned $1.74 EPS. As a group, research analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.86%. Ovintiv’s payout ratio is currently 15.92%.

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.