Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Scotiabank

Scotiabank upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a research note published on Wednesday morning,Zacks.com reports.

Several other equities research analysts have also recently weighed in on the stock. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. JPMorgan Chase & Co. lowered their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. UBS Group decreased their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Citigroup decreased their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Truist Financial boosted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $56.78.

Ovintiv Trading Down 1.4 %

NYSE OVV opened at $41.52 on Wednesday. The firm’s 50 day moving average price is $42.80 and its two-hundred day moving average price is $41.79. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 5.51 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv has a twelve month low of $36.62 and a twelve month high of $55.95.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Friday, March 14th. Ovintiv’s dividend payout ratio is presently 28.57%.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of OVV. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Ovintiv by 198.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,622 shares of the company’s stock worth $1,605,000 after acquiring an additional 26,366 shares during the period. PKO Investment Management Joint Stock Co acquired a new stake in shares of Ovintiv in the fourth quarter worth $344,000. Siemens Fonds Invest GmbH purchased a new position in Ovintiv in the 4th quarter worth approximately $1,348,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Ovintiv during the fourth quarter worth about $4,949,000. Finally, Jefferies Financial Group Inc. acquired a new position in Ovintiv during the 4th quarter worth $5,289,000. 83.81% of the stock is currently owned by hedge funds and other 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.