Ovintiv (NYSE:OVV) Price Target Raised to $53.00 at Truist

Ovintiv (NYSE:OVV) had its price objective hoisted by Truist from $50.00 to $53.00 in a report released on Friday morning, The Fly reports.

A number of other equities analysts have also commented on OVV. Truist Securities raised their target price on shares of Ovintiv from $44.00 to $50.00 and gave the stock a buy rating in a research report on Thursday, October 7th. Zacks Investment Research lowered shares of Ovintiv from a buy rating to a hold rating and set a $35.00 target price on the stock. in a research report on Tuesday, September 28th. Mizuho cut their price objective on shares of Ovintiv from $56.00 to $54.00 in a report on Monday, January 3rd. Raymond James lifted their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the company a market perform rating in a report on Wednesday, November 3rd. Finally, Seaport Global Securities initiated coverage on shares of Ovintiv in a report on Thursday, September 23rd. They set a buy rating and a $42.00 price objective on the stock. Four analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Buy and a consensus target price of $38.57.

Shares of NYSE:OVV opened at $41.33 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 1.26. Ovintiv has a 12 month low of $15.51 and a 12 month high of $41.34. The company has a 50-day moving average price of $35.11 and a 200 day moving average price of $32.15.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, November 2nd. The company reported $1.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.47 by $0.03. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $2.05 billion. Ovintiv had a negative net margin of 8.50% and a positive return on equity of 29.47%. During the same quarter last year, the firm earned ($0.03) earnings per share. Research analysts expect that Ovintiv will post 5.47 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, December 31st. Stockholders of record on Wednesday, December 15th were paid a dividend of $0.14 per share. The ex-dividend date was Tuesday, December 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.35%. Ovintiv’s dividend payout ratio is currently -24.67%.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in Ovintiv by 7.0% in the 2nd quarter. Vanguard Group Inc. now owns 27,204,165 shares of the company’s stock valued at $856,115,000 after purchasing an additional 1,769,917 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Ovintiv by 540.9% in the 3rd quarter. American Century Companies Inc. now owns 1,720,577 shares of the company’s stock worth $56,572,000 after acquiring an additional 1,452,100 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Ovintiv by 137.6% in the 3rd quarter. Millennium Management LLC now owns 2,120,772 shares of the company’s stock worth $69,731,000 after acquiring an additional 1,228,297 shares during the last quarter. Ceredex Value Advisors LLC lifted its holdings in shares of Ovintiv by 110.9% in the 3rd quarter. Ceredex Value Advisors LLC now owns 2,287,676 shares of the company’s stock worth $75,219,000 after acquiring an additional 1,202,876 shares during the last quarter. Finally, Maple Rock Capital Partners Inc. lifted its holdings in shares of Ovintiv by 77.1% in the 2nd quarter. Maple Rock Capital Partners Inc. now owns 2,327,728 shares of the company’s stock worth $73,254,000 after acquiring an additional 1,013,728 shares during the last quarter. 69.99% of the stock is owned by institutional investors.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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