Ovintiv (NYSE:OVV) Upgraded at BMO Capital Markets

BMO Capital Markets upgraded shares of Ovintiv (NYSE:OVV) from a market perform rating to an outperform rating in a research report sent to investors on Monday morning, MarketBeat.com reports. BMO Capital Markets currently has $57.00 price objective on the stock, up from their previous price objective of $55.00.

A number of other brokerages have also recently issued reports on OVV. Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. National Bankshares lifted their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $57.17.

Ovintiv Price Performance

Shares of NYSE OVV opened at $44.04 on Monday. Ovintiv has a twelve month low of $36.62 and a twelve month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average of $42.71 and a two-hundred day moving average of $41.86. The company has a market capitalization of $11.47 billion, a price-to-earnings ratio of 5.84 and a beta of 2.55.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.72%. Ovintiv’s dividend payout ratio is currently 28.57%.

Institutional Trading of Ovintiv

Several large investors have recently added to or reduced their stakes in OVV. True Wealth Design LLC lifted its stake in shares of Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the last quarter. Colonial Trust Co SC acquired a new stake in shares of Ovintiv in the fourth quarter worth about $28,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares during the last quarter. Finally, Mizuho Bank Ltd. bought a new position in shares of Ovintiv in the 4th quarter valued at approximately $40,000. 83.81% of the stock is 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.