Ovintiv Inc. (NYSE:OVV) Receives Average Rating of “Buy” from Brokerages

Ovintiv Inc. (NYSE:OVV) has earned a consensus recommendation of “Buy” from the seventeen research firms that are covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $56.47.

OVV has been the subject of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Scotiabank raised Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Morgan Stanley reaffirmed an “overweight” rating and issued a $57.00 price objective on shares of Ovintiv in a research note on Wednesday, March 26th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Finally, Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th.

Ovintiv Price Performance

NYSE OVV opened at $32.77 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 $29.80 and a 12 month high of $55.77. The stock has a market cap of $8.53 billion, a price-to-earnings ratio of 4.35 and a beta of 2.04. The company’s 50 day moving average is $40.67 and its two-hundred day moving average is $41.60.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.66%. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Institutional Trading of Ovintiv

A number of large investors have recently modified their holdings of OVV. Nisa Investment Advisors LLC lifted its position in shares of Ovintiv by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after purchasing an additional 231 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Ovintiv by 2.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after acquiring an additional 276 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after purchasing an additional 282 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Ovintiv by 1.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after acquiring an additional 300 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in Ovintiv by 0.4% during the 4th quarter. Bessemer Group Inc. now owns 70,053 shares of the company’s stock worth $2,837,000 after purchasing an additional 310 shares during the last quarter. Hedge funds and other institutional investors 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.