Ovintiv (NYSE:OVV) Given New $57.00 Price Target at UBS Group

Ovintiv (NYSE:OVV) had its price objective lowered by UBS Group from $61.00 to $57.00 in a research note issued to investors on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also commented on OVV. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $60.00 to $51.00 and set an overweight rating for the company in a research note on Thursday, September 12th. Wells Fargo & Company reduced their price target on shares of Ovintiv from $52.00 to $51.00 and set an equal weight rating for the company in a research report on Thursday, August 1st. Evercore ISI reiterated an outperform rating and set a $60.00 price objective on shares of Ovintiv in a research report on Wednesday, July 10th. Scotiabank boosted their target price on shares of Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a research note on Friday, July 12th. Finally, Royal Bank of Canada decreased their target price on Ovintiv from $62.00 to $61.00 and set a sector perform rating for the company in a research report on Thursday, August 1st. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of Moderate Buy and a consensus target price of $59.83.

Ovintiv Trading Up 0.1 %

Ovintiv stock opened at $39.96 on Wednesday. Ovintiv has a 1 year low of $37.81 and a 1 year high of $55.95. The firm’s 50 day moving average price is $43.31 and its two-hundred day moving average price is $47.71. The firm has a market cap of $10.67 billion, a price-to-earnings ratio of 5.58, a price-to-earnings-growth ratio of 6.24 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. On average, research analysts predict that Ovintiv will post 5.81 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid 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 3.00%. Ovintiv’s payout ratio is 16.76%.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jump Financial LLC acquired a new position in shares of Ovintiv during the 4th quarter worth $478,000. Janney Montgomery Scott LLC boosted its holdings in Ovintiv by 20.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 21,859 shares of the company’s stock worth $960,000 after purchasing an additional 3,668 shares in the last quarter. Great Lakes Advisors LLC increased its position in Ovintiv by 38.0% during the fourth quarter. Great Lakes Advisors LLC now owns 8,839 shares of the company’s stock worth $388,000 after buying an additional 2,436 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in Ovintiv by 151.4% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 31,250 shares of the company’s stock valued at $1,373,000 after buying an additional 18,822 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Ovintiv by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock worth $631,000 after buying an additional 1,416 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

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.