Wells Fargo & Company Cuts Ovintiv (NYSE:OVV) Price Target to $42.00

Ovintiv (NYSE:OVV) had its price objective trimmed by Wells Fargo & Company from $48.00 to $42.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the company. UBS Group lowered their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Barclays raised their price target on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Scotiabank boosted their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Finally, Mizuho cut their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $56.59.

Ovintiv Stock Down 0.7 %

Shares of Ovintiv stock opened at $37.74 on Tuesday. The business has a 50-day moving average price of $42.01 and a 200 day moving average price of $43.31. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a market cap of $9.82 billion, a P/E ratio of 5.01 and a beta of 2.63. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.18%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

Large investors have recently made changes to their positions in the business. Retirement Systems of Alabama lifted its stake in Ovintiv by 4.4% during the third 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 during the last quarter. Franklin Resources Inc. increased its holdings in shares of Ovintiv by 16.0% in the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after buying an additional 37,341 shares in the last quarter. Tidal Investments LLC acquired a new stake in shares of Ovintiv during the 3rd quarter valued at $409,000. Sanctuary Advisors LLC boosted its stake in shares of Ovintiv by 55.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 9,991 shares of the company’s stock worth $383,000 after acquiring an additional 3,545 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Ovintiv by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after acquiring an additional 205,409 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

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.