Ovintiv (NYSE:OVV) Price Target Raised to $53.00

Ovintiv (NYSE:OVV) had its target price upped by Scotiabank from $50.00 to $53.00 in a report published on Monday,Benzinga reports. They currently have a sector outperform rating on the stock.

A number of other analysts have also weighed in on OVV. Royal Bank of Canada reduced their target price on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Citigroup reduced their price target on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Truist Financial boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Mizuho lowered their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Stock Performance

Ovintiv stock opened at $46.59 on Monday. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The company’s 50-day moving average is $41.22 and its 200 day moving average is $44.34. The firm has a market capitalization of $12.13 billion, a P/E ratio of 6.18 and a beta of 2.62. 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 disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio is presently 15.92%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Geode Capital Management LLC boosted its position in Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after buying an additional 205,409 shares during the last quarter. M&T Bank Corp boosted its holdings in shares of Ovintiv by 21.2% in the 3rd quarter. M&T Bank Corp now owns 16,278 shares of the company’s stock valued at $624,000 after acquiring an additional 2,850 shares during the last quarter. Y Intercept Hong Kong Ltd increased its stake in shares of Ovintiv by 64.4% in the third quarter. Y Intercept Hong Kong Ltd now owns 59,856 shares of the company’s stock worth $2,293,000 after acquiring an additional 23,452 shares during the period. MML Investors Services LLC raised its holdings in shares of Ovintiv by 11.3% during the third quarter. MML Investors Services LLC now owns 10,570 shares of the company’s stock worth $405,000 after purchasing an additional 1,074 shares during the last quarter. Finally, Orion Portfolio Solutions LLC lifted its position in Ovintiv by 5.6% during the third quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company’s stock valued at $1,621,000 after purchasing an additional 2,244 shares during the period. 83.81% of the stock is currently 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.