Ovintiv (NYSE:OVV) Given New $42.00 Price Target at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its target price reduced by Wells Fargo & Company from $51.00 to $42.00 in a report released on Tuesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts have also recently issued research reports about the stock. Truist Financial decreased their price target on shares of Ovintiv from $62.00 to $47.00 and set a buy rating for the company in a research note on Monday, September 30th. Wolfe Research began coverage on shares of Ovintiv in a research note on Thursday, July 18th. They set an outperform rating and a $65.00 target price for the company. JPMorgan Chase & Co. cut their price target on Ovintiv from $60.00 to $51.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Royal Bank of Canada decreased their price target on Ovintiv from $62.00 to $61.00 and set a sector perform rating for the company in a report on Thursday, August 1st. Finally, Scotiabank increased their price objective on Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a report on Friday, July 12th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $58.17.

Ovintiv Stock Performance

Shares of OVV stock opened at $43.53 on Tuesday. The firm has a 50 day moving average of $41.63 and a two-hundred day moving average of $46.90. The stock has a market capitalization of $11.47 billion, a PE ratio of 6.08, a P/E/G ratio of 6.82 and a beta of 2.62. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. On average, research analysts predict that Ovintiv will post 5.26 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.76%. Ovintiv’s dividend payout ratio is currently 16.76%.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently added to or reduced their stakes in the business. Trexquant Investment LP acquired a new stake in shares of Ovintiv in the 4th quarter valued at approximately $305,000. TD Asset Management Inc boosted its position in shares of Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after purchasing an additional 29,449 shares in the last quarter. Treasurer of the State of North Carolina boosted its position in shares of Ovintiv by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 119,214 shares of the company’s stock worth $5,236,000 after purchasing an additional 1,132 shares in the last quarter. KBC Group NV grew its stake in shares of Ovintiv by 70.1% during the 4th quarter. KBC Group NV now owns 71,913 shares of the company’s stock worth $3,159,000 after purchasing an additional 29,638 shares during the period. Finally, Rafferty Asset Management LLC increased its holdings in shares of Ovintiv by 8.7% in the 4th quarter. Rafferty Asset Management LLC now owns 169,507 shares of the company’s stock valued at $7,445,000 after purchasing an additional 13,545 shares in the last quarter. Hedge funds and other 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.