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

Ovintiv Inc. (NYSE:OVV) has earned an average rating of “Moderate Buy” from the eighteen ratings firms that are covering the stock, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $57.00.

A number of equities research analysts recently commented on the company. Mizuho dropped their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Citigroup dropped their price target on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. UBS Group dropped their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada decreased their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st.

Hedge Funds Weigh In On Ovintiv

Large investors have recently made changes to their positions in the stock. Raymond James & Associates lifted its holdings in Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after purchasing an additional 2,275 shares in the last quarter. Quarry LP lifted its stake in shares of Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after purchasing an additional 19,272 shares during the period. Wedge Capital Management L L P NC boosted its holdings in shares of Ovintiv by 25.0% during the second quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Ovintiv in the first quarter valued at $1,149,000. Finally, Canandaigua National Bank & Trust Co. acquired a new position in Ovintiv in the second quarter valued at $1,441,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $43.79 on Thursday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $40.71 and a 200 day moving average price of $44.45. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The firm has a market capitalization of $11.40 billion, a P/E ratio of 5.81, a PEG ratio of 7.64 and a beta of 2.62.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

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.