Ovintiv (NYSE:OVV) PT Set at $60.00 by Raymond James

Raymond James set a $60.00 price objective on Ovintiv (NYSE:OVVGet Rating) in a report released on Tuesday morning, BayStreet.CA reports. The firm currently has a market perform rating on the stock.

Several other analysts also recently commented on the stock. TheStreet upgraded shares of Ovintiv from a c rating to a b- rating in a research report on Tuesday, March 1st. Wells Fargo & Company upped their price target on shares of Ovintiv from $52.00 to $72.00 and gave the company an overweight rating in a research report on Monday, March 14th. JPMorgan Chase & Co. downgraded shares of Ovintiv from an overweight rating to a neutral rating and upped their price target for the company from $50.00 to $53.00 in a research report on Tuesday, January 18th. Scotiabank upgraded shares of Ovintiv from a sector perform rating to a sector outperform rating and upped their price target for the company from $44.00 to $46.00 in a research report on Thursday, January 13th. Finally, Royal Bank of Canada boosted their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company an outperform rating in a research note on Monday, March 14th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of Buy and an average target price of $56.62.

Shares of NYSE:OVV opened at $45.15 on Tuesday. The company has a market capitalization of $11.68 billion, a PE ratio of 9.79 and a beta of 3.17. The company has a current ratio of 0.54, a quick ratio of 0.58 and a debt-to-equity ratio of 1.02. Ovintiv has a twelve month low of $21.92 and a twelve month high of $57.60. The firm has a 50 day simple moving average of $50.61 and a 200-day simple moving average of $42.13.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.21%. This is a boost from Ovintiv’s previous quarterly dividend of $0.20. The ex-dividend date is Tuesday, June 14th.

In related news, Director Howard John Mayson sold 2,200 shares of Ovintiv stock in a transaction that occurred on Friday, March 18th. The stock was sold at an average price of $48.09, for a total transaction of $105,798.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas G. Ricks sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $53.73, for a total value of $537,300.00. Following the completion of the sale, the director now directly owns 145,500 shares in the company, valued at approximately $7,817,715. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

A number of institutional investors have recently bought and sold shares of OVV. Marshall Wace LLP lifted its holdings in Ovintiv by 9,931.2% in the 4th quarter. Marshall Wace LLP now owns 3,939,360 shares of the company’s stock valued at $132,756,000 after purchasing an additional 3,900,089 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Ovintiv by 436.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 4,284,600 shares of the company’s stock worth $231,668,000 after acquiring an additional 3,485,198 shares during the period. Miller Value Partners LLC purchased a new position in shares of Ovintiv during the 4th quarter worth $73,897,000. Scout Investments Inc. purchased a new position in shares of Ovintiv during the 1st quarter worth $110,474,000. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Ovintiv by 125.9% during the fourth quarter. Point72 Asset Management L.P. now owns 2,958,747 shares of the company’s stock worth $99,710,000 after purchasing an additional 1,649,165 shares during the last quarter. Hedge funds and other institutional investors own 76.96% of the company’s stock.

About Ovintiv (Get Rating)

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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