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

Ovintiv Inc. (NYSE:OVV) has earned an average recommendation of “Moderate Buy” from the seventeen brokerages that are currently covering the company, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation and twelve have given a buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $60.56.

Several analysts have recently commented on OVV shares. UBS Group decreased their price objective on shares of Ovintiv from $66.00 to $61.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Truist Financial boosted their price objective on Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Wolfe Research initiated coverage on Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price for the company. Scotiabank boosted their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Finally, TD Cowen increased their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after buying an additional 1,024,931 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Ovintiv by 3.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after acquiring an additional 142,296 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Ovintiv by 114.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Ovintiv by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,676,420 shares of the company’s stock worth $73,628,000 after purchasing an additional 68,718 shares during the period. Finally, Balyasny Asset Management L.P. grew its holdings in Ovintiv by 1,560.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after purchasing an additional 1,363,865 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $40.83 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a 50-day simple moving average of $44.81 and a two-hundred day simple moving average of $48.21. The firm has a market capitalization of $10.90 billion, a PE ratio of 5.70, a P/E/G ratio of 6.89 and a beta of 2.62. Ovintiv has a 52-week low of $38.99 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. Analysts forecast that Ovintiv will post 5.81 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

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.