Ovintiv (NYSE:OVV) Stock Rating Upgraded by Scotiabank

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

Other research analysts have also issued research reports about the stock. 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 report on Thursday, March 13th. National Bankshares raised their price target on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Mizuho reduced their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Barclays raised their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Stock Down 1.4 %

Ovintiv stock opened at $41.52 on Wednesday. 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 52-week low of $36.62 and a 52-week high of $55.95. The firm has a 50 day moving average price of $42.80 and a two-hundred day moving average price of $41.79. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 5.51 and a beta of 2.55.

Ovintiv Announces Dividend

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 $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is currently 28.57%.

Institutional Trading of Ovintiv

Several hedge funds have recently bought and sold shares of OVV. True Wealth Design LLC boosted its holdings in Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after acquiring an additional 636 shares during the last quarter. Colonial Trust Co SC purchased a new position in Ovintiv during the 4th quarter worth $28,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after acquiring an additional 335 shares during the last quarter. Finally, Mizuho Bank Ltd. purchased a new position in Ovintiv during the 4th quarter worth $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.