Ovintiv Inc. (NYSE:OVV) Receives $59.83 Consensus Target Price from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have received a consensus recommendation of “Moderate Buy” from the seventeen brokerages that are covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $58.17.

Several equities research analysts have recently issued reports on OVV shares. Evercore ISI lowered their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday. Wells Fargo & Company dropped their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday. TD Cowen upped their price objective on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Scotiabank increased their price objective on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Finally, Royal Bank of Canada reduced their price target on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $40.34 on Wednesday. The stock’s fifty day simple moving average is $41.82 and its 200 day simple moving average is $47.02. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $10.77 billion, a PE ratio of 5.63, a PEG ratio of 7.23 and a beta of 2.62. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. On average, research analysts predict that Ovintiv will post 5.26 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio is presently 16.76%.

Institutional Investors Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the stock. TD Asset Management Inc increased its holdings in Ovintiv by 176.3% in the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after purchasing an additional 29,449 shares in the last quarter. Wedge Capital Management L L P NC raised its position in Ovintiv by 25.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the last quarter. Quarry LP lifted its holdings in Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after buying an additional 19,272 shares during the period. FORA Capital LLC acquired a new position in Ovintiv during the 1st quarter worth about $4,244,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Ovintiv in the 1st quarter valued at about $1,149,000. 83.81% of the stock is owned by institutional investors.

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.