Ovintiv (NYSE:OVV) PT Lowered to $52.00 at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price objective reduced by Wells Fargo & Company from $54.00 to $52.00 in a research report report published on Monday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Bank of America restated a neutral rating and set a $55.00 target price on shares of Ovintiv in a research note on Friday, June 14th. Barclays started coverage on shares of Ovintiv in a report on Wednesday, April 10th. They set an overweight rating and a $69.00 price target on the stock. Mizuho boosted their price objective on shares of Ovintiv from $58.00 to $64.00 and gave the company a buy rating in a research report on Monday, May 13th. The Goldman Sachs Group boosted their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the company a neutral rating in a research report on Tuesday, March 26th. Finally, TD Cowen upped their price target on shares of Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research report on Monday, June 10th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $60.33.

Ovintiv Trading Down 1.4 %

Shares of Ovintiv stock opened at $45.64 on Monday. The company’s fifty day simple moving average is $47.72 and its 200-day simple moving average is $47.96. The stock has a market capitalization of $12.18 billion, a PE ratio of 6.37 and a beta of 2.63. Ovintiv has a 1-year low of $39.68 and a 1-year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. As a group, equities analysts anticipate that Ovintiv will post 5.89 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.63%. Ovintiv’s payout ratio is 16.76%.

Insider Buying and Selling at Ovintiv

In other news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now owns 8,929 shares in the company, valued at $446,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Steven W. Nance sold 12,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the transaction, the director now directly owns 8,929 shares in the company, valued at $446,450. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently modified their holdings of the business. Quent Capital LLC increased its position in Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares during the last quarter. American National Bank purchased a new position in shares of Ovintiv in the 1st quarter valued at $27,000. Avalon Trust Co acquired a new stake in Ovintiv during the 4th quarter worth $34,000. Geneos Wealth Management Inc. lifted its position in Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. Finally, Creekmur Asset Management LLC purchased a new stake in Ovintiv in the fourth quarter valued at $68,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.