Ovintiv (NYSE:OVV) Price Target Cut to $47.00 by Analysts at Truist Financial

Ovintiv (NYSE:OVV) had its target price trimmed by Truist Financial from $62.00 to $47.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Evercore ISI reissued an outperform rating and issued a $60.00 target price on shares of Ovintiv in a research note on Wednesday, July 10th. TD Cowen upped their price objective on Ovintiv from $64.00 to $66.00 and gave the company a buy rating in a research note on Monday, June 10th. UBS Group cut their target price on Ovintiv from $61.00 to $57.00 and set a buy rating for the company in a research report on Wednesday, September 18th. Royal Bank of Canada lowered 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. Finally, JPMorgan Chase & Co. dropped their price objective on Ovintiv from $60.00 to $51.00 and set an overweight rating for the company in a research note on Thursday, September 12th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Ovintiv has an average rating of Moderate Buy and a consensus target price of $58.17.

Ovintiv Stock Performance

OVV opened at $41.25 on Monday. The stock’s 50 day simple moving average is $41.73 and its 200-day simple moving average is $46.98. 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 stock has a market cap of $10.87 billion, a PE ratio of 5.76, a P/E/G ratio of 6.82 and a beta of 2.62. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Sell-side analysts forecast that Ovintiv will post 5.26 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 2.91%. The ex-dividend date was Friday, September 13th. Ovintiv’s payout ratio is presently 16.76%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently modified their holdings of OVV. American National Bank bought a new stake in shares of Ovintiv during the first quarter valued at approximately $27,000. Innealta Capital LLC acquired a new position in Ovintiv during the 2nd quarter worth $39,000. Geneos Wealth Management Inc. boosted its position 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 buying an additional 300 shares during the last quarter. Atlas Capital Advisors LLC bought a new position in Ovintiv in the 1st quarter valued at $74,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Ovintiv in the 2nd quarter valued at $69,000. 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.