Ovintiv (NYSE:OVV) Raised to “Outperform” at BMO Capital Markets

BMO Capital Markets upgraded shares of Ovintiv (NYSE:OVV) from a market perform rating to an outperform rating in a research note issued to investors on Monday, MarketBeat.com reports. BMO Capital Markets currently has $57.00 price objective on the stock, up from their prior price objective of $55.00.

OVV has been the topic of a number of other research reports. Mizuho lowered their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. UBS Group reduced their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Barclays boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. National Bankshares raised their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Wells Fargo & Company boosted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $57.17.

Ovintiv Stock Up 0.5 %

OVV stock opened at $44.04 on Monday. The stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of 5.84 and a beta of 2.55. The company has a 50-day moving average of $42.71 and a two-hundred day moving average of $41.86. Ovintiv has a 52-week low of $36.62 and a 52-week high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.72%. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently bought and sold shares of the business. True Wealth Design LLC increased its stake in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares in the last quarter. Colonial Trust Co SC bought a new stake in Ovintiv during the 4th quarter worth about $28,000. MassMutual Private Wealth & Trust FSB increased its position in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after acquiring an additional 360 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Finally, Optiver Holding B.V. bought a new stake in shares of Ovintiv during the fourth quarter valued at approximately $40,000. 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.