Truist Financial Raises Ovintiv (NYSE:OVV) Price Target to $60.00

Ovintiv (NYSE:OVV) had its target price increased by Truist Financial from $59.00 to $60.00 in a report released on Monday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other equities analysts have also issued research reports about the company. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their target price for the company from $55.00 to $54.00 in a research note on Monday. Citigroup cut their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Evercore ISI decreased their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Barclays increased their target price on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, UBS Group decreased their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $56.81.

Ovintiv Stock Performance

OVV stock opened at $45.72 on Monday. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.90 billion, a P/E ratio of 6.06 and a beta of 2.63. The business’s fifty day moving average is $42.22 and its 200-day moving average is $42.48.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.62%. Ovintiv’s dividend payout ratio is currently 15.92%.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC boosted its position 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. UMB Bank n.a. lifted its position in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Ovintiv during the third quarter worth $65,000. Covestor Ltd grew its position in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after purchasing an additional 560 shares in the last quarter. Finally, Abich Financial Wealth Management LLC acquired a new stake in Ovintiv in the 3rd quarter valued at $122,000. 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.