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

Ovintiv Inc. (NYSE:OVV) has been assigned a consensus rating of “Moderate Buy” from the eighteen ratings firms that are currently covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $56.65.

A number of equities research analysts have recently weighed in on the company. Mizuho cut their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Morgan Stanley decreased their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Truist Financial raised their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Evercore ISI decreased their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th.

Ovintiv Stock Down 3.4 %

OVV stock opened at $41.20 on Monday. The company has a 50 day moving average of $42.31 and a two-hundred day moving average of $43.81. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a market cap of $10.73 billion, a price-to-earnings ratio of 5.46 and a beta of 2.63.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.91%. Ovintiv’s dividend payout ratio is 15.92%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently bought and sold shares of OVV. Pacer Advisors Inc. lifted its position in shares of Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares during the period. AQR Capital Management LLC increased its position in Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after acquiring an additional 1,618,556 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Ovintiv by 7,422.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after acquiring an additional 1,340,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after purchasing an additional 1,207,610 shares in the last quarter. Finally, SIR Capital Management L.P. bought a new stake in shares of Ovintiv during the second quarter valued at approximately $22,732,000. 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.