Ovintiv (NYSE:OVV) Given New $52.00 Price Target at UBS Group

Ovintiv (NYSE:OVV) had its target price upped by UBS Group from $51.00 to $52.00 in a report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently issued reports on OVV. Wells Fargo & Company dropped their price target on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Monday, June 16th. Barclays lifted their price target on shares of Ovintiv from $55.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, July 25th. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Monday, July 7th. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the company an “equal weight” rating in a research note on Monday. Finally, Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $53.07.

Ovintiv Stock Performance

Ovintiv stock opened at $38.9580 on Wednesday. Ovintiv has a 12-month low of $29.80 and a 12-month high of $47.18. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 4.80 and a beta of 1.10. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The firm’s fifty day moving average price is $40.09 and its 200 day moving average price is $39.07.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The firm had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.92 billion. On average, research analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, September 15th. Ovintiv’s dividend payout ratio (DPR) is presently 53.10%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Atlas Capital Advisors Inc. lifted its position in shares of Ovintiv by 1,681.1% in the 1st quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company’s stock worth $594,000 after buying an additional 13,096 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Ovintiv in the 4th quarter worth about $25,272,000. Raymond James Financial Inc. bought a new position in shares of Ovintiv in the 4th quarter worth about $7,773,000. AXA S.A. lifted its position in shares of Ovintiv by 56.7% in the 4th quarter. AXA S.A. now owns 21,715 shares of the company’s stock worth $879,000 after buying an additional 7,853 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after buying an additional 7,344,796 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.