Ovintiv Inc. (NYSE:OVV) Receives $55.76 Consensus PT from Analysts

Ovintiv Inc. (NYSE:OVV) has earned a consensus rating of “Buy” from the seventeen ratings firms that are covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $55.65.

Several research firms have recently commented on OVV. Wells Fargo & Company upped their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the company an “equal weight” rating in a report on Tuesday, April 22nd. National Bankshares upped their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Williams Trading set a $58.00 price objective on shares of Ovintiv in a report on Wednesday, March 5th.

Ovintiv Trading Down 1.0%

Shares of Ovintiv stock opened at $38.93 on Thursday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 12-month low of $29.80 and a 12-month high of $51.72. The firm has a market capitalization of $10.11 billion, a price-to-earnings ratio of 5.16 and a beta of 1.14. The firm’s 50 day simple moving average is $37.06 and its two-hundred day simple moving average is $40.59.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Analysts predict that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv’s dividend payout ratio (DPR) is presently 51.06%.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Colonial Trust Co SC purchased a new position in Ovintiv during the fourth quarter valued at $28,000. MassMutual Private Wealth & Trust FSB lifted its holdings in Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Harbour Investments Inc. lifted its holdings in Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock valued at $39,000 after purchasing an additional 542 shares in the last quarter. Finally, Optiver Holding B.V. purchased a new position in Ovintiv during the fourth quarter valued at $40,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.