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

Ovintiv Inc. (NYSE:OVV) has been assigned an average rating of “Moderate Buy” from the eighteen research firms that are covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $56.65.

Several equities research analysts have weighed in on the stock. Evercore ISI cut their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Wells Fargo & Company dropped their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Morgan Stanley decreased their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. dropped their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $41.20 on Monday. The firm’s 50 day simple moving average is $42.31 and its 200 day simple moving average is $43.81. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a market capitalization of $10.73 billion, a price-to-earnings ratio of 5.46 and a beta of 2.63. 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 Announces Dividend

The firm 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. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.91%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in OVV. Pacer Advisors Inc. increased its stake in Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after buying an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC grew its holdings in shares of Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after acquiring an additional 1,618,556 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Ovintiv by 7,422.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after acquiring an additional 1,340,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its holdings in Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after acquiring an additional 1,207,610 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new position in Ovintiv during the second quarter valued at approximately $22,732,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.