Ovintiv Inc. (NYSE:OVV) Receives $51.47 Average Price Target from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have been given a consensus recommendation of “Moderate Buy” by the nineteen analysts that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $51.4706.

Several equities analysts have weighed in on OVV shares. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a report on Wednesday, October 8th. National Bankshares dropped their target price on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Roth Capital began coverage on shares of Ovintiv in a report on Monday, October 13th. They set a “neutral” rating and a $42.00 target price for the company. UBS Group lifted their price target on shares of Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Finally, Evercore ISI lifted their price target on shares of Ovintiv from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Monday, October 6th.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Concurrent Investment Advisors LLC grew its holdings in shares of Ovintiv by 5.6% during the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company’s stock worth $239,000 after buying an additional 297 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Ovintiv by 43.4% during the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company’s stock worth $49,000 after buying an additional 349 shares in the last quarter. KLP Kapitalforvaltning AS grew its holdings in shares of Ovintiv by 0.6% during the third quarter. KLP Kapitalforvaltning AS now owns 63,400 shares of the company’s stock worth $2,560,000 after buying an additional 400 shares in the last quarter. Crossmark Global Holdings Inc. boosted its position in shares of Ovintiv by 0.6% in the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company’s stock worth $2,962,000 after acquiring an additional 420 shares during the last quarter. Finally, ProShare Advisors LLC boosted its position in shares of Ovintiv by 3.8% in the second quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock worth $438,000 after acquiring an additional 427 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

NYSE:OVV opened at $36.60 on Thursday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $39.73 and a two-hundred day moving average price of $38.96. Ovintiv has a twelve month low of $29.80 and a twelve month high of $47.18. The company has a market capitalization of $9.41 billion, a P/E ratio of 16.19, a price-to-earnings-growth ratio of 1.89 and a beta of 0.97.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.06. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. As a group, research analysts expect that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.3%. Ovintiv’s payout ratio is 53.10%.

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.