Ovintiv (NYSE:OVV) Trading 4.2% Higher

Ovintiv Inc. (NYSE:OVV)’s share price was up 4.2% on Thursday . The stock traded as high as $43.01 and last traded at $43.01. Approximately 2,280,705 shares traded hands during mid-day trading, a decline of 27% from the average daily volume of 3,137,503 shares. The stock had previously closed at $41.26.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OVV. Scotiabank lifted their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. UBS Group dropped their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Wells Fargo & Company dropped their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, TD Cowen upped their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.17.

Ovintiv Stock Up 4.1 %

The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market cap of $11.32 billion, a price-to-earnings ratio of 5.76, a price-to-earnings-growth ratio of 6.82 and a beta of 2.62. The firm’s 50-day moving average is $41.73 and its 200 day moving average is $46.98.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Sell-side analysts anticipate that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.79%. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Institutional Trading of Ovintiv

A number of institutional investors have recently modified their holdings of OVV. American National Bank purchased a new position in Ovintiv in the first quarter valued at about $27,000. Innealta Capital LLC purchased a new stake in shares of Ovintiv during the 2nd quarter valued at about $39,000. Geneos Wealth Management Inc. lifted its position in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in Ovintiv in the 4th quarter worth approximately $68,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv in the second quarter valued at approximately $69,000. Hedge funds and other 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.