Ovintiv (NYSE:OVV) Trading Up 5.6% Following Analyst Upgrade

Shares of Ovintiv Inc. (NYSE:OVV) traded up 5.6% during mid-day trading on Monday after Truist Financial raised their price target on the stock from $59.00 to $60.00. Truist Financial currently has a buy rating on the stock. Ovintiv traded as high as $46.06 and last traded at $46.04. 977,595 shares traded hands during trading, a decline of 53% from the average session volume of 2,079,708 shares. The stock had previously closed at $43.61.

A number of other equities analysts also recently commented on the stock. Wells Fargo & Company reduced their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Morgan Stanley reduced their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Scotiabank raised their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Evercore ISI cut their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Finally, Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and cut their target price for the company from $55.00 to $54.00 in a research report on Monday. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

Hedge Funds Weigh In On Ovintiv

Several institutional investors have recently made changes to their positions in OVV. True Wealth Design LLC grew its holdings in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the period. UMB Bank n.a. boosted its position in shares of Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. purchased a new position in Ovintiv in the 3rd quarter worth approximately $65,000. Covestor Ltd grew its position in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after acquiring an additional 560 shares in the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in shares of Ovintiv during the 3rd quarter valued at about $122,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

The firm’s 50 day simple moving average is $42.22 and its 200 day simple moving average is $42.48. 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 market capitalization of $11.71 billion, a PE ratio of 5.96 and a beta of 2.63.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.67%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

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.