Mizuho Trims Ovintiv (NYSE:OVV) Target Price to $58.00

Ovintiv (NYSE:OVV) had its price target cut by Mizuho from $60.00 to $58.00 in a research note released on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts also recently weighed in on the stock. Citigroup reduced their target price on shares of Ovintiv from $58.00 to $55.00 and set a buy rating for the company in a research note on Monday, October 7th. Wells Fargo & Company lowered their target price on shares of Ovintiv from $51.00 to $42.00 and set an equal weight rating on the stock in a report on Tuesday, October 1st. Scotiabank lifted their price target on Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a research report on Friday, July 12th. JPMorgan Chase & Co. decreased 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, Bank of America restated a neutral rating and issued a $55.00 target price on shares of Ovintiv in a research note on Friday, June 14th. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $57.67.

Ovintiv Stock Up 0.8 %

OVV opened at $43.14 on Wednesday. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The company’s 50-day moving average price is $41.41 and its two-hundred day moving average price is $46.60. The stock has a market cap of $11.37 billion, a price-to-earnings ratio of 6.08, a PEG ratio of 8.02 and a beta of 2.61. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating 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 firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. As a group, equities analysts expect that Ovintiv will post 4.9 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.78%. Ovintiv’s dividend payout ratio is 16.93%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in shares of Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Vanguard Group Inc. boosted its position in Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 shares during the period. SIR Capital Management L.P. bought a new position in shares of Ovintiv during the second quarter valued at about $22,732,000. SG Americas Securities LLC increased its holdings in shares of Ovintiv by 6,830.6% in the first quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock worth $21,334,000 after buying an additional 405,123 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Ovintiv by 338.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 445,187 shares of the company’s stock valued at $20,866,000 after acquiring an additional 343,709 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.