Ovintiv (NYSE:OVV) Given New $51.00 Price Target at Morgan Stanley

Ovintiv (NYSE:OVV) had its price objective cut by Morgan Stanley from $53.00 to $51.00 in a report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts have also recently issued research reports about the company. Wells Fargo & Company cut their price objective on Ovintiv from $52.00 to $51.00 and set an equal weight rating on the stock in a research note on Thursday, August 1st. Bank of America restated a neutral rating and set a $55.00 price objective on shares of Ovintiv in a research note on Friday, June 14th. UBS Group cut their price objective on Ovintiv from $66.00 to $61.00 and set a buy rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. cut their price objective on Ovintiv from $60.00 to $51.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Finally, TD Cowen upped their target price on Ovintiv from $64.00 to $66.00 and gave the company a buy rating in a report on Monday, June 10th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $59.83.

Ovintiv Trading Up 1.1 %

NYSE:OVV opened at $40.38 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. Ovintiv has a one year low of $37.81 and a one year high of $55.95. The business’s 50-day simple moving average is $43.16 and its 200 day simple moving average is $47.65. The stock has a market cap of $10.78 billion, a price-to-earnings ratio of 5.64, a price-to-earnings-growth ratio of 6.24 and a beta of 2.62.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. As a group, sell-side analysts predict that Ovintiv will post 5.81 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Institutional Investors Weigh In On Ovintiv

Institutional investors have recently added to or reduced their stakes in the company. American National Bank acquired a new stake in Ovintiv in the first quarter worth approximately $27,000. Innealta Capital LLC acquired a new stake in Ovintiv during the second quarter valued at $39,000. Geneos Wealth Management Inc. boosted its position in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares during the last quarter. Atlas Capital Advisors LLC acquired a new stake in Ovintiv during the first quarter valued at $74,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv during the second quarter valued at $69,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.