Ovintiv (NYSE:OVV) Price Target Cut to $45.00 by Analysts at JPMorgan Chase & Co.

Ovintiv (NYSE:OVV) had its price objective decreased by JPMorgan Chase & Co. from $56.00 to $45.00 in a research note released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also issued reports on OVV. Barclays raised their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. UBS Group reduced their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Scotiabank increased their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Finally, Citigroup dropped their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $56.61.

Ovintiv Stock Performance

NYSE:OVV opened at $38.72 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The firm has a market cap of $10.08 billion, a PE ratio of 5.13 and a beta of 2.55. The business has a 50 day moving average price of $42.90 and a 200-day moving average price of $41.87.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.10%. Ovintiv’s payout ratio is currently 28.57%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. increased its holdings in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after acquiring an additional 37,341 shares in the last quarter. Smead Capital Management Inc. increased its stake in Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after purchasing an additional 212,535 shares in the last quarter. Retirement Systems of Alabama increased its stake in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after purchasing an additional 13,536 shares in the last quarter. Quest Partners LLC raised its holdings in Ovintiv by 449.3% in the third quarter. Quest Partners LLC now owns 42,109 shares of the company’s stock worth $1,613,000 after buying an additional 34,443 shares during the last quarter. Finally, KBC Group NV lifted its stake in shares of Ovintiv by 8.9% in the third quarter. KBC Group NV now owns 333,207 shares of the company’s stock worth $12,765,000 after buying an additional 27,338 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.