Analysts Set Ovintiv Inc. (NYSE:OVV) Price Target at $51.94

Shares of Ovintiv Inc. (NYSE:OVV) have earned a consensus recommendation of “Moderate Buy” from the twenty research firms that are presently covering the firm, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, fourteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $51.8333.

A number of research firms have commented on OVV. Morgan Stanley reduced their target price on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. Zacks Research raised Ovintiv from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. Royal Bank Of Canada set a $55.00 price objective on Ovintiv and gave the stock an “outperform” rating in a research note on Wednesday, October 15th. JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, October 3rd. Finally, Evercore ISI reissued an “outperform” rating and set a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th.

Ovintiv Price Performance

Shares of OVV stock opened at $40.44 on Monday. The firm has a fifty day moving average of $38.84 and a two-hundred day moving average of $39.43. The firm has a market cap of $10.24 billion, a P/E ratio of 17.89, a P/E/G ratio of 1.89 and a beta of 1.00. Ovintiv has a 1-year low of $29.80 and a 1-year high of $46.45. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.97 by $0.06. The business had revenue of $2.07 billion for the quarter, compared to analysts’ expectations of $1.86 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. As a group, research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, December 15th. Ovintiv’s payout ratio is presently 131.87%.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently modified their holdings of the company. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv in the 3rd quarter worth about $31,000. IFP Advisors Inc raised its stake in Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after acquiring an additional 643 shares in the last quarter. Dogwood Wealth Management LLC acquired a new position in Ovintiv during the 2nd quarter worth $35,000. Foster Dykema Cabot & Partners LLC bought a new position in shares of Ovintiv in the third quarter worth $36,000. Finally, HM Payson & Co. bought a new position in shares of Ovintiv in the third quarter worth $36,000. Institutional investors and hedge funds 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.