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

Shares of Ovintiv Inc. (NYSE:OVV) have been given an average recommendation of “Moderate Buy” by the seventeen research firms that are covering the stock, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $59.83.

A number of research firms recently issued reports on OVV. Morgan Stanley lowered their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada lowered their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. 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. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Truist Financial lifted their price target on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st.

Ovintiv Stock Performance

NYSE OVV opened at $40.70 on Wednesday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a 52-week low of $37.81 and a 52-week high of $55.95. The business’s 50-day moving average price is $42.85 and its 200 day moving average price is $47.52. The firm has a market cap of $10.87 billion, a P/E ratio of 5.68, a P/E/G ratio of 6.50 and a beta of 2.62.

Ovintiv (NYSE:OVV) last released its quarterly 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 firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. On average, equities research analysts expect that Ovintiv will post 5.63 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently announced 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 yield of 2.95%. Ovintiv’s payout ratio is currently 16.76%.

Hedge Funds Weigh In On Ovintiv

Several institutional investors have recently added to or reduced their stakes in the business. American National Bank acquired a new stake in Ovintiv during the first quarter worth about $27,000. Innealta Capital LLC acquired a new stake in Ovintiv during the second quarter worth about $39,000. Geneos Wealth Management Inc. increased its stake in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares during the last quarter. Creekmur Asset Management LLC acquired a new stake in Ovintiv during the fourth quarter worth about $68,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv during the second quarter worth about $69,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.