Ovintiv (NYSE:OVV) Raised to “Strong-Buy” at Siebert Williams Shank

Siebert Williams Shank upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a research report released on Tuesday morning, Zacks.com reports.

Other analysts have also recently issued reports about the company. Scotiabank upped their price target on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. Wells Fargo & Company lowered their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Evercore ISI cut their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. JPMorgan Chase & Co. decreased their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Morgan Stanley lowered their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Stock Up 0.1 %

Shares of NYSE:OVV opened at $41.10 on Tuesday. The company has a 50 day moving average of $41.47 and a 200-day moving average of $46.36. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The stock has a market cap of $10.97 billion, a price-to-earnings ratio of 5.74, a P/E/G ratio of 8.02 and a beta of 2.61. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. On average, sell-side analysts forecast that Ovintiv will post 4.9 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio is presently 16.76%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. American National Bank bought a new stake in Ovintiv during the 1st quarter worth about $27,000. Innealta Capital LLC acquired a new stake in shares of Ovintiv in the second quarter valued at about $39,000. Geneos Wealth Management Inc. raised its holdings in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares in the last quarter. UMB Bank n.a. boosted its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in Ovintiv in the second quarter valued at approximately $69,000. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.