Ovintiv’s (OVV) Overweight Rating Reaffirmed at Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Ovintiv (NYSE:OVV) in a report issued on Wednesday morning, Marketbeat reports. Morgan Stanley currently has a $57.00 target price on the stock.

A number of other equities analysts have also commented on the stock. Barclays boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. National Bankshares upped their price target on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. Finally, Wells Fargo & Company boosted their price objective on Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $57.17.

Ovintiv Stock Performance

Shares of OVV opened at $44.04 on Wednesday. Ovintiv has a 52-week low of $36.62 and a 52-week high of $55.95. The stock’s 50-day simple moving average is $42.71 and its 200 day simple moving average is $41.86. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of 5.84 and a beta of 2.55.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after acquiring an additional 451,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its holdings in Ovintiv by 17.2% during 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 purchasing an additional 1,207,610 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Ovintiv by 14.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock worth $225,265,000 after buying an additional 683,700 shares during the period. Geode Capital Management LLC grew its position in shares of Ovintiv by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after buying an additional 205,409 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after buying an additional 3,203,087 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.