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

Shares of Ovintiv Inc. (NYSE:OVV) have been given a consensus recommendation of “Moderate Buy” by the eighteen brokerages that are presently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $56.59.

A number of analysts recently commented on the stock. JPMorgan Chase & Co. lowered their price objective 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. Barclays increased their price target on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Evercore ISI cut their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, Mizuho cut their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Hotchkis & Wiley Capital Management LLC raised its stake in Ovintiv by 17.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after purchasing an additional 1,207,610 shares in the last quarter. Pacer Advisors Inc. raised 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 valued at $250,687,000 after buying an additional 6,486,159 shares in the last quarter. Smead Capital Management Inc. lifted its holdings in shares of Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after acquiring an additional 212,535 shares during the period. Geode Capital Management LLC boosted its position in shares of Ovintiv by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after acquiring an additional 205,409 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after acquiring an additional 142,296 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Up 2.7 %

NYSE:OVV opened at $41.61 on Friday. 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 stock’s fifty day simple moving average is $41.64 and its 200-day simple moving average is $42.74. The firm has a market capitalization of $10.83 billion, a P/E ratio of 5.52 and a beta of 2.63.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

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.