Ovintiv Inc. (NYSE:OVV) Given Average Rating of “Moderate Buy” by Brokerages

Ovintiv Inc. (NYSE:OVV) has received a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and eleven have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $58.65.

OVV has been the subject of a number of research reports. Jefferies Financial Group raised their price target on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Bank of America reiterated a “neutral” rating and set a $55.00 price objective on shares of Ovintiv in a report on Friday. Royal Bank of Canada lifted their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. The Goldman Sachs Group boosted their price target on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. Finally, Evercore ISI upgraded shares of Ovintiv from an “in-line” rating to an “outperform” rating and set a $60.00 price target on the stock in a report on Friday.

Insider Activity

In other news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently bought and sold shares of the company. Westfield Capital Management Co. LP grew its stake in Ovintiv by 3.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after buying an additional 44,241 shares in the last quarter. TD Asset Management Inc grew its stake in Ovintiv by 176.3% in the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after buying an additional 29,449 shares in the last quarter. International Assets Investment Management LLC grew its stake in Ovintiv by 1,202.0% in the 4th quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock worth $610,000 after buying an additional 12,813 shares in the last quarter. Toronto Dominion Bank grew its stake in Ovintiv by 15.5% in the 3rd quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock worth $36,215,000 after buying an additional 101,978 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Ovintiv by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after purchasing an additional 2,484,554 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE OVV opened at $45.81 on Monday. Ovintiv has a twelve month low of $34.50 and a twelve month high of $55.95. The firm has a fifty day simple moving average of $50.68 and a 200 day simple moving average of $47.28. The company has a market capitalization of $12.23 billion, a PE ratio of 6.40 and a beta of 2.58. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. On average, sell-side analysts forecast that Ovintiv will post 6.15 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Friday, June 14th. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

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.