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

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average recommendation of “Moderate Buy” from the eighteen ratings firms that are covering the firm, MarketBeat reports. Five equities research 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 company. The average twelve-month price target among brokerages that have covered the stock in the last year is $56.71.

Several research analysts have issued reports on the company. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Truist Financial lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. UBS Group increased their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Monday. Finally, Evercore ISI cut their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th.

Ovintiv Trading Up 2.6 %

OVV opened at $45.75 on Thursday. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The stock has a market capitalization of $11.91 billion, a PE ratio of 6.07 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a 50-day moving average price of $41.06 and a two-hundred day moving average price of $44.32.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.62%. Ovintiv’s payout ratio is 15.92%.

Institutional Trading of Ovintiv

A number of large investors have recently added to or reduced their stakes in the company. Drive Wealth Management LLC raised its holdings in shares of Ovintiv by 2.5% in the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock valued at $395,000 after purchasing an additional 251 shares during the period. CIBC Asset Management Inc raised its stake in Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after buying an additional 280 shares during the period. 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 valued at $50,000 after buying an additional 286 shares during the last quarter. Covestor Ltd boosted its stake in shares of Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after acquiring an additional 293 shares during the period. Finally, OneDigital Investment Advisors LLC increased its holdings in shares of Ovintiv by 5.2% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock worth $231,000 after acquiring an additional 298 shares during the last quarter. Institutional investors and hedge funds 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.