Ovintiv (NYSE:OVV) Price Target Raised to $59.00

Ovintiv (NYSE:OVV) had its price target lifted by UBS Group from $57.00 to $59.00 in a report published on Monday,Benzinga reports. UBS Group currently has a buy rating on the stock.

A number of other equities analysts have also recently issued reports on OVV. Royal Bank of Canada dropped their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Citigroup lowered their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Barclays lifted their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Price Performance

Ovintiv stock opened at $45.75 on Monday. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $41.06 and a 200-day moving average price of $44.32. The firm has a market capitalization of $11.91 billion, a PE ratio of 6.07 and a beta of 2.62.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.62%. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently bought and sold shares of OVV. Envestnet Portfolio Solutions Inc. acquired a new position in Ovintiv in the first quarter valued at approximately $214,000. US Bancorp DE lifted its stake in shares of Ovintiv by 4.5% in the first quarter. US Bancorp DE now owns 8,914 shares of the company’s stock worth $463,000 after buying an additional 386 shares in the last quarter. Avantax Advisory Services Inc. acquired a new position in Ovintiv during the first quarter worth $233,000. Vanguard Group Inc. grew its holdings in shares of Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after purchasing an additional 1,024,931 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in shares of Ovintiv by 1,228.3% during the 1st quarter. Acadian Asset Management LLC now owns 8,063 shares of the company’s stock worth $418,000 after buying an additional 7,456 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Company Profile

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.