Ovintiv (NYSE:OVV) Shares Gap Down – What’s Next?

Ovintiv Inc. (NYSE:OVV) gapped down before the market opened on Monday . The stock had previously closed at $40.39, but opened at $39.07. Ovintiv shares last traded at $39.24, with a volume of 158,497 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently weighed in on OVV. UBS Group dropped their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Royal Bank of Canada decreased their target price on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Wells Fargo & Company cut their price target on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Finally, Wolfe Research started coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective on the stock. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Stock Performance

The firm has a 50-day simple moving average of $41.12 and a two-hundred day simple moving average of $45.61. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.39 billion, a price-to-earnings ratio of 5.56, a price-to-earnings-growth ratio of 7.81 and a beta of 2.61.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. As a group, sell-side analysts forecast that Ovintiv Inc. will post 4.83 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders 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 dividend on an annualized basis and a dividend yield of 3.05%. Ovintiv’s dividend payout ratio is currently 16.93%.

Institutional Trading of Ovintiv

Large investors have recently made changes to their positions in the stock. Innealta Capital LLC acquired a new stake in Ovintiv in the 2nd quarter worth approximately $39,000. Geneos Wealth Management Inc. lifted its stake in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of 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 buying an additional 286 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Ovintiv during the 2nd quarter worth $69,000. Finally, Covestor Ltd grew its stake in Ovintiv by 23.1% in the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after buying an additional 293 shares during the last quarter. 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.