Ovintiv (NYSE:OVV) Given New $51.00 Price Target at Morgan Stanley

Ovintiv (NYSE:OVV) had its price target reduced by Morgan Stanley from $53.00 to $51.00 in a research report report published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts also recently weighed in on the company. Wells Fargo & Company dropped their target price on Ovintiv from $52.00 to $51.00 and set an equal weight rating on the stock in a research note on Thursday, August 1st. Truist Financial upped their price objective on shares of Ovintiv from $60.00 to $62.00 and gave the company a buy rating in a report on Thursday, August 1st. Scotiabank lifted their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a sector outperform rating in a research note on Friday, July 12th. Wolfe Research started coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an outperform rating and a $65.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their price target 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. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $60.06.

Ovintiv Stock Up 0.9 %

NYSE:OVV opened at $39.16 on Monday. 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 capitalization of $10.32 billion, a P/E ratio of 5.47, a P/E/G ratio of 6.24 and a beta of 2.62. The company’s 50-day simple moving average is $43.59 and its 200-day simple moving average is $47.83. Ovintiv has a fifty-two week low of $37.81 and a fifty-two week high of $55.95.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, equities analysts anticipate that Ovintiv will post 5.81 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Institutional Trading of Ovintiv

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after acquiring an additional 1,024,931 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Ovintiv by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after purchasing an additional 142,296 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Ovintiv by 114.9% in the 2nd 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 period. Balyasny Asset Management L.P. boosted its holdings in Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after buying an additional 1,363,865 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its position in Ovintiv by 3.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock valued at $63,563,000 after buying an additional 44,241 shares during the period. Hedge funds and other 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.