Ovintiv (NYSE:OVV) Shares Gap Down – Here’s What Happened

Ovintiv Inc. (NYSE:OVV) gapped down before the market opened on Monday . The stock had previously closed at $57.45, but opened at $54.30. Ovintiv shares last traded at $54.2130, with a volume of 189,081 shares trading hands.

Wall Street Analyst Weigh In

OVV has been the topic of a number of research reports. Royal Bank Of Canada set a $70.00 price objective on shares of Ovintiv and gave the stock an “outperform” rating in a report on Tuesday, June 9th. Citigroup reissued a “neutral” rating and issued a $62.00 price objective (up from $52.00) on shares of Ovintiv in a report on Monday, March 30th. Barclays raised their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Wall Street Zen downgraded shares of Ovintiv from a “buy” rating to a “hold” rating in a report on Sunday. Finally, TD Cowen raised their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $63.00.

Ovintiv Stock Performance

The stock has a market cap of $15.38 billion, a P/E ratio of 17.68 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The firm’s 50-day moving average price is $57.76 and its 200-day moving average price is $49.91.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. Sell-side analysts expect that Ovintiv Inc. will post 8.15 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.2%. The ex-dividend date is Monday, June 15th. Ovintiv’s payout ratio is currently 38.71%.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently bought and sold shares of the business. Stifel Financial Corp increased its position in Ovintiv by 1.4% in the fourth quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after purchasing an additional 269 shares during the last quarter. Root Financial Partners LLC increased its position in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares during the last quarter. Deseret Mutual Benefit Administrators increased its position in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after purchasing an additional 287 shares during the last quarter. Fiduciary Financial Group LLC boosted its stake in Ovintiv by 3.2% during the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock worth $371,000 after buying an additional 297 shares during the period. Finally, Sanctuary Advisors LLC boosted its stake in Ovintiv by 2.6% during the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after buying an additional 324 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.