Ovintiv (NYSE:OVV) Price Target Lowered to $57.00 at UBS Group

Ovintiv (NYSE:OVV) had its price target reduced by UBS Group from $61.00 to $57.00 in a research note issued to investors on Wednesday morning, Benzinga reports. UBS Group currently has a buy rating on the stock.

Several other research firms have also issued reports on OVV. Royal Bank of Canada reduced their price target on Ovintiv from $62.00 to $61.00 and set a sector perform rating on the stock in a research report on Thursday, August 1st. Bank of America reiterated a neutral rating and set a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. TD Cowen lifted their target price on Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a report on Monday, June 10th. Evercore ISI reiterated an outperform rating and set a $60.00 target price on shares of Ovintiv in a report on Wednesday, July 10th. Finally, JPMorgan Chase & Co. reduced their target price on Ovintiv from $60.00 to $51.00 and set an overweight rating on the stock in a report on Thursday, September 12th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Ovintiv currently has an average rating of Moderate Buy and a consensus target price of $59.83.

Ovintiv Stock Up 0.3 %

NYSE OVV opened at $40.52 on Wednesday. Ovintiv has a 52 week low of $37.81 and a 52 week high of $55.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a market capitalization of $10.68 billion, a P/E ratio of 5.66, a price-to-earnings-growth ratio of 6.50 and a beta of 2.62. The stock has a fifty day moving average of $43.00 and a 200-day moving average of $47.59.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (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 analyst estimates of $2.53 billion. On average, equities research analysts forecast that Ovintiv will post 5.63 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently modified their holdings of OVV. American National Bank bought a new position in shares of Ovintiv in the 1st quarter valued at about $27,000. Innealta Capital LLC bought a new position in shares of Ovintiv in the 2nd quarter valued at about $39,000. Geneos Wealth Management Inc. lifted its stake in Ovintiv by 53.4% in the 1st 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. Creekmur Asset Management LLC acquired a new stake in Ovintiv in the 4th quarter valued at about $68,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv in the 2nd quarter valued at about $69,000. Institutional investors 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.