Ovintiv (NYSE:OVV) Hits New 1-Year High at $55.53

Ovintiv Inc. (NYSE:OVV)’s stock price reached a new 52-week high on Monday . The stock traded as high as $55.53 and last traded at $54.77, with a volume of 76828 shares changing hands. The stock had previously closed at $55.27.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on OVV shares. Royal Bank of Canada upped their price target on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 29th. Citigroup lifted their price target on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Wells Fargo & Company dropped their price objective on Ovintiv from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 17th. Scotiabank decreased their target price on Ovintiv from $53.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, January 16th. Finally, National Bankshares reduced their price objective on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, January 10th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Ovintiv Stock Up 0.4 %

The stock has a 50-day moving average of $48.21 and a 200 day moving average of $46.07. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $14.94 billion, a P/E ratio of 7.04 and a beta of 2.65.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.41. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. Research analysts anticipate that Ovintiv Inc. will post 6.02 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.30 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.16%. Ovintiv’s dividend payout ratio is currently 15.21%.

Insider Activity at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the sale, the director now owns 36,840 shares in the company, valued at $1,862,630.40. The disclosure for this sale can be found here. Insiders sold a total of 91,564 shares of company stock worth $4,660,818 in the last quarter. 0.97% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quent Capital LLC raised its holdings in shares of Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after purchasing an additional 351 shares during the period. Loomis Sayles & Co. L P boosted its holdings in Ovintiv by 107.6% during the third quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock worth $31,000 after purchasing an additional 341 shares during the last quarter. Avalon Trust Co purchased a new stake in Ovintiv in the 4th quarter valued at about $34,000. Penserra Capital Management LLC purchased a new position in shares of Ovintiv in the 3rd quarter worth approximately $36,000. Finally, Quantbot Technologies LP bought a new position in shares of Ovintiv in the third quarter valued at approximately $38,000. 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.