Barclays Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price objective upped by Barclays from $53.00 to $57.00 in a research note issued to investors on Friday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other equities analysts have also recently issued research reports about the company. Royal Bank of Canada cut their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Wells Fargo & Company cut their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Evercore ISI lowered their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Wolfe Research assumed coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Stock Up 2.7 %

Ovintiv stock opened at $44.97 on Friday. 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 has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a fifty day moving average price of $40.80 and a two-hundred day moving average price of $44.36. The firm has a market cap of $11.71 billion, a price-to-earnings ratio of 5.96, a P/E/G ratio of 7.97 and a beta of 2.62.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.67%. Ovintiv’s payout ratio is presently 15.92%.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in OVV. Raymond James & Associates boosted its holdings in shares of Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after acquiring an additional 2,275 shares in the last quarter. Quarry LP boosted its stake in Ovintiv by 89.1% in the second quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after purchasing an additional 19,272 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Ovintiv by 25.0% during the second quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Ovintiv in the first quarter valued at $1,149,000. Finally, Canandaigua National Bank & Trust Co. bought a new position in shares of Ovintiv in the second quarter valued at about $1,441,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.