Ovintiv (NYSE:OVV) Upgraded by BMO Capital Markets to “Outperform” Rating

BMO Capital Markets upgraded shares of Ovintiv (NYSE:OVV) from a market perform rating to an outperform rating in a research report released on Monday morning, MarketBeat.com reports. BMO Capital Markets currently has $57.00 target price on the stock, up from their previous target price of $55.00.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company lifted their price objective on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, March 20th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Barclays raised their price objective on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Truist Financial increased their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Finally, UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.79.

Ovintiv Stock Up 3.8 %

OVV opened at $43.05 on Monday. The company has a market capitalization of $11.21 billion, a PE ratio of 5.71 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The business has a 50-day moving average of $42.77 and a 200-day moving average of $41.82.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.79%. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Institutional Trading of Ovintiv

Several institutional investors have recently modified their holdings of OVV. Vanguard Group Inc. raised its stake in shares of Ovintiv by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after purchasing an additional 451,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Ovintiv by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock worth $225,265,000 after acquiring an additional 683,700 shares during the period. Geode Capital Management LLC lifted its holdings 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 during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock valued at $137,134,000 after acquiring an additional 3,203,087 shares in the last quarter. Institutional investors and hedge funds 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.