Ovintiv Inc. (NYSE:OVV) Receives $53.94 Average Target Price from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have been given an average rating of “Moderate Buy” by the eleven research firms that are presently covering the stock, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation and seven have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $54.00.

OVV has been the topic of several research analyst reports. Royal Bank of Canada boosted their price objective on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. UBS Group dropped their price objective on Ovintiv from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Thursday, December 14th. National Bankshares dropped their price objective on Ovintiv from $69.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, January 10th. The Goldman Sachs Group increased their price objective on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Finally, Citigroup upped their target price on Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, March 18th.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares in the company, valued at $1,206,325.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the transaction, the director now directly owns 36,840 shares of the company’s stock, valued at $1,862,630.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the transaction, the executive vice president now directly owns 23,672 shares in the company, valued at $1,206,325.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 91,564 shares of company stock worth $4,660,818. 1.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Ovintiv

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Ovintiv by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the period. FMR LLC boosted its position in Ovintiv by 2.3% during the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company’s stock worth $1,088,289,000 after acquiring an additional 507,562 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new stake in Ovintiv during the 2nd quarter worth about $559,852,000. EnCap Energy Capital Fund X L.P. acquired a new stake in Ovintiv during the 2nd quarter worth about $380,527,000. Finally, State Street Corp boosted its position in Ovintiv by 38.8% during the 2nd quarter. State Street Corp now owns 9,748,971 shares of the company’s stock worth $371,143,000 after acquiring an additional 2,724,998 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE:OVV opened at $55.26 on Wednesday. Ovintiv has a 12 month low of $32.07 and a 12 month high of $55.52. The stock has a 50 day moving average of $47.73 and a two-hundred day moving average of $45.93. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. The firm has a market cap of $14.86 billion, a P/E ratio of 7.00 and a beta of 2.65.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. On average, analysts expect that Ovintiv will post 5.79 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.17%. The ex-dividend date of this dividend was Thursday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 15.21%.

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.