Ovintiv (NYSE:OVV) Price Target Cut to $51.00 by Analysts at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price objective reduced by Wells Fargo & Company from $52.00 to $51.00 in a report published on Thursday, Benzinga reports. They currently have an equal weight rating on the stock.

OVV has been the topic of a number of other research reports. TD Cowen raised their price objective on Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research note on Monday, June 10th. UBS Group upped their target price on Ovintiv from $69.00 to $70.00 and gave the company a buy rating in a research report on Wednesday, May 15th. Morgan Stanley boosted their target price on Ovintiv from $49.00 to $53.00 and gave the company an equal weight rating in a research report on Monday, April 15th. Jefferies Financial Group lifted their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the company a buy rating in a report on Friday, April 12th. Finally, Evercore ISI restated an outperform rating and set a $60.00 price target on shares of Ovintiv in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $61.06.

Ovintiv Stock Performance

Ovintiv stock traded down $2.88 during trading hours on Thursday, hitting $41.60. The stock had a trading volume of 1,995,255 shares, compared to its average volume of 3,035,163. The company has a market cap of $10.97 billion, a PE ratio of 5.84, a price-to-earnings-growth ratio of 7.62 and a beta of 2.63. Ovintiv has a fifty-two week low of $39.68 and a fifty-two week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average of $47.29 and a two-hundred day moving average of $48.09.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.12. Ovintiv had a net margin of 18.56% and a return on equity of 18.40%. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.58 billion. On average, equities research analysts anticipate that Ovintiv will post 5.7 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Insiders Place Their Bets

In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVV. American National Bank acquired a new position in shares of Ovintiv in the 1st quarter valued at $27,000. Avalon Trust Co acquired a new position in Ovintiv in the fourth quarter valued at $34,000. Innealta Capital LLC purchased a new stake in shares of Ovintiv in the second quarter valued at about $39,000. Geneos Wealth Management Inc. boosted its stake in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares during the period. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Ovintiv during the fourth quarter worth about $68,000. 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.