Ovintiv Inc. (NYSE:OVV) Receives $56.65 Consensus PT from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have been given an average recommendation of “Moderate Buy” by the eighteen brokerages that are currently covering the company, Marketbeat Ratings reports. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $56.47.

OVV has been the subject of several research reports. JPMorgan Chase & Co. decreased their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Morgan Stanley reduced their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Evercore ISI decreased their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Finally, Scotiabank raised their target price on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC grew its stake in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after acquiring an additional 636 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Ovintiv during the second quarter valued at about $39,000. UMB Bank n.a. raised its holdings in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new stake in shares of Ovintiv during the third quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Ovintiv in the second quarter valued at $69,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

OVV opened at $40.50 on Monday. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The company has a market capitalization of $10.54 billion, a price-to-earnings ratio of 5.37 and a beta of 2.63. The business has a 50 day moving average price of $42.32 and a two-hundred day moving average price of $43.63. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio is 15.92%.

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.