Ovintiv Inc. (NYSE:OVV) Given Consensus Recommendation of “Moderate Buy” by Analysts

Ovintiv Inc. (NYSE:OVV) has received an average recommendation of “Moderate Buy” from the twenty-two analysts that are covering the company, MarketBeat Ratings reports. Six research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $64.3158.

OVV has been the subject of a number of research analyst reports. National Bank Financial lifted their target price on Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. TD Cowen increased their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Roth Capital raised their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. UBS Group reduced their price objective on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. Finally, Mizuho boosted their target price on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently made changes to their positions in OVV. Stifel Financial Corp grew its holdings in Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock valued at $749,000 after purchasing an additional 269 shares during the last quarter. CX Institutional boosted its position in shares of Ovintiv by 1.0% during the second quarter. CX Institutional now owns 28,363 shares of the company’s stock valued at $1,493,000 after buying an additional 276 shares during the period. Root Financial Partners LLC boosted its position in shares of Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after buying an additional 277 shares during the period. Deseret Mutual Benefit Administrators boosted its position in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after buying an additional 287 shares during the period. Finally, Fiduciary Financial Group LLC grew its stake in shares of Ovintiv by 3.2% during the fourth quarter. Fiduciary Financial Group LLC now owns 9,460 shares of the company’s stock valued at $371,000 after buying an additional 297 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.6%

Shares of OVV traded up $0.86 during trading hours on Tuesday, hitting $54.16. 111,738 shares of the stock were exchanged, compared to its average volume of 4,273,502. The business has a 50-day moving average of $56.81 and a 200-day moving average of $51.20. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. 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 has a market capitalization of $15.22 billion, a P/E ratio of 17.48 and a beta of 0.53.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv’s payout ratio is 38.71%.

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.