Ovintiv (NYSE:OVV) Given New $57.00 Price Target at Barclays

Ovintiv (NYSE:OVV) had its price target lifted by Barclays from $53.00 to $57.00 in a research note released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also issued reports on OVV. Mizuho lowered their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Wells Fargo & Company lowered their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 1st. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. UBS Group decreased their target price on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Finally, Wolfe Research initiated coverage on Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target on the stock. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Stock Performance

OVV traded down $0.93 on Friday, hitting $43.79. The company had a trading volume of 3,799,665 shares, compared to its average volume of 3,084,034. The stock has a market cap of $11.40 billion, a price-to-earnings ratio of 5.81, a price-to-earnings-growth ratio of 7.64 and a beta of 2.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company’s fifty day moving average price is $40.71 and its 200 day moving average price is $44.50. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.74%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. lifted its holdings in Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after acquiring an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Ovintiv by 7,422.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after acquiring an additional 1,340,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in Ovintiv by 17.2% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after acquiring an additional 1,207,610 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after acquiring an additional 1,024,931 shares during the last quarter. 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.