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

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned a consensus rating of “Moderate Buy” from the seventeen research firms that are presently covering the stock, MarketBeat reports. Four equities research 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 12-month price objective among brokers that have updated their coverage on the stock in the last year is $56.81.

Several research firms have weighed in on OVV. 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. Mizuho decreased their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Citigroup decreased their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Truist Financial raised their price objective 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 decreased their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th.

Ovintiv Stock Performance

NYSE:OVV opened at $43.61 on Tuesday. The business’s 50-day moving average price is $42.67 and its two-hundred day moving average price is $42.40. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a market cap of $11.35 billion, a P/E ratio of 5.78 and a beta of 2.63. 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 (NYSE:OVV) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.76. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The firm had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter last year, the firm posted $1.74 EPS. As a group, equities analysts predict that Ovintiv will post 5.58 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.75%. Ovintiv’s dividend payout ratio is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the business. True Wealth Design LLC raised its holdings in shares of Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after acquiring an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after purchasing an additional 360 shares during the period. UMB Bank n.a. grew its stake in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the period. Transamerica Financial Advisors Inc. purchased a new stake in Ovintiv in the third quarter worth $65,000. Finally, Covestor Ltd grew its stake in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after purchasing an additional 560 shares during the period. 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.