Brokerages Set Ovintiv Inc. (NYSE:OVV) Price Target at $57.00

Ovintiv Inc. (NYSE:OVV) has earned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are presently covering the company, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $57.00.

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Wells Fargo & Company reduced their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Evercore ISI reduced their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Finally, Citigroup decreased their price objective on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a report on Monday, October 7th.

Ovintiv Trading Up 1.5 %

Shares of NYSE OVV opened at $40.39 on Friday. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The stock has a market cap of $10.78 billion, a P/E ratio of 5.64, a price-to-earnings-growth ratio of 7.76 and a beta of 2.61. The firm has a 50-day moving average of $41.12 and a 200 day moving average of $45.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, sell-side analysts expect that Ovintiv will post 4.87 EPS for the current fiscal year.

Ovintiv Announces Dividend

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

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Ovintiv by 7.5% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after purchasing an additional 220 shares during the period. UMB Bank n.a. boosted its position in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the period. Covestor Ltd boosted its position in shares of Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after purchasing an additional 347 shares during the period. 83.81% of the stock is currently 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.