Ovintiv Inc. (NYSE:OVV) Receives $56.59 Average PT from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have been given an average rating of “Moderate Buy” by the eighteen ratings firms that are presently covering the company, Marketbeat.com reports. Five investment analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $56.59.

A number of brokerages have issued reports on OVV. Truist Financial lifted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 15th. Barclays raised their price target on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley cut their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Citigroup lowered their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th.

Ovintiv Stock Up 0.4 %

Shares of OVV opened at $41.79 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The business’s 50 day moving average is $41.70 and its 200 day moving average is $42.66. The company has a market capitalization of $10.88 billion, a PE ratio of 5.54 and a beta of 2.63.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

Institutional Trading of Ovintiv

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. Pacer Advisors Inc. raised its position 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. AQR Capital Management LLC boosted its stake in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after acquiring an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake 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 worth $52,064,000 after acquiring an additional 1,340,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of 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 purchasing an additional 1,207,610 shares in the last quarter. Finally, SIR Capital Management L.P. acquired a new position in Ovintiv in the 2nd quarter valued at $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.