Shares of Ovintiv Inc. (NYSE:OVV – Get Rating) have earned an average rating of “Moderate Buy” from the twenty ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $69.68.
A number of brokerages have weighed in on OVV. Truist Financial lifted their price target on shares of Ovintiv from $72.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, July 19th. Mizuho cut their price objective on shares of Ovintiv from $69.00 to $61.00 and set a “buy” rating on the stock in a research report on Monday. Jefferies Financial Group assumed coverage on shares of Ovintiv in a research report on Wednesday, October 19th. They issued a “buy” rating and a $75.00 price objective on the stock. Royal Bank of Canada lowered shares of Ovintiv from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $58.00 to $57.00 in a research report on Friday, October 21st. They noted that the move was a valuation call. Finally, Barclays cut their price objective on shares of Ovintiv from $78.00 to $69.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 19th.
Hedge Funds Weigh In On Ovintiv
Institutional investors and hedge funds have recently modified their holdings of the business. Bay Harbor Wealth Management LLC acquired a new position in shares of Ovintiv in the second quarter valued at about $29,000. Ronald Blue Trust Inc. acquired a new position in shares of Ovintiv in the second quarter valued at about $31,000. Rosenberg Matthew Hamilton grew its stake in shares of Ovintiv by 114.3% in the second quarter. Rosenberg Matthew Hamilton now owns 750 shares of the company’s stock valued at $33,000 after acquiring an additional 400 shares in the last quarter. CWM LLC lifted its position in Ovintiv by 20.1% during the second quarter. CWM LLC now owns 1,460 shares of the company’s stock worth $65,000 after purchasing an additional 244 shares during the period. Finally, Raleigh Capital Management Inc. acquired a new stake in Ovintiv during the second quarter worth about $69,000. 78.26% of the stock is currently owned by institutional investors and hedge funds.
Ovintiv Stock Performance
Shares of NYSE OVV opened at $50.94 on Wednesday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.51 and a current ratio of 0.51. Ovintiv has a 52-week low of $29.52 and a 52-week high of $63.30. The firm has a 50 day moving average price of $50.64 and a 200 day moving average price of $49.81.
Ovintiv (NYSE:OVV – Get Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $2.42 earnings per share for the quarter, missing analysts’ consensus estimates of $2.69 by ($0.27). Ovintiv had a net margin of 22.42% and a return on equity of 61.17%. The company had revenue of $3.74 billion during the quarter, compared to the consensus estimate of $2.66 billion. On average, sell-side analysts forecast that Ovintiv will post 8.57 EPS for the current year.
Ovintiv Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Thursday, September 15th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, September 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.96%.
Ovintiv Company Profile
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company’s principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
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