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

Shares of Ovintiv Inc. (NYSE:OVV) have been given an average recommendation of “Moderate Buy” by the eighteen research firms that are covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $56.83.

OVV has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Barclays increased their target price on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $55.00 to $54.00 in a report on Monday, January 13th. BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and raised their target price for the company from $55.00 to $57.00 in a report on Monday. Finally, Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th.

Ovintiv Price Performance

Shares of NYSE OVV opened at $43.77 on Wednesday. Ovintiv has a 1-year low of $36.62 and a 1-year high of $55.95. The company has a market cap of $11.40 billion, a PE ratio of 5.81 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a fifty day moving average price of $42.75 and a 200 day moving average price of $41.84.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently made changes to their positions in OVV. Vanguard Group Inc. boosted its stake in shares of Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after acquiring an additional 451,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its holdings in Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after purchasing an additional 1,207,610 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. Smead Capital Management Inc. grew its holdings in shares of Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after buying an additional 212,535 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock valued at $225,265,000 after buying an additional 683,700 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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.