National Bankshares Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price target boosted by National Bankshares from $51.00 to $56.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also recently commented on the stock. Mizuho lowered their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Citigroup lowered their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Scotiabank upped their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. UBS Group cut their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Finally, Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Price Performance

NYSE OVV opened at $43.82 on Thursday. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The firm’s fifty day simple moving average is $42.59 and its two-hundred day simple moving average is $42.35. 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 market capitalization of $11.41 billion, a P/E ratio of 5.81 and a beta of 2.63.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.76. The company had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.32 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. During the same period in the prior year, the company posted $1.74 EPS. Analysts forecast that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in OVV. Rhumbline Advisers raised its position in Ovintiv by 2.9% during the fourth quarter. Rhumbline Advisers now owns 759,036 shares of the company’s stock worth $30,741,000 after acquiring an additional 21,181 shares during the period. AustralianSuper Pty Ltd raised its position in shares of Ovintiv by 18.0% during the 4th quarter. AustralianSuper Pty Ltd now owns 196,368 shares of the company’s stock worth $7,953,000 after purchasing an additional 29,961 shares during the last quarter. Van ECK Associates Corp lifted its stake in Ovintiv by 15.2% in the 4th quarter. Van ECK Associates Corp now owns 3,587 shares of the company’s stock valued at $145,000 after buying an additional 473 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Ovintiv by 2,987.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 28,191 shares of the company’s stock worth $1,173,000 after buying an additional 27,278 shares during the last quarter. Finally, Summit Trail Advisors LLC acquired a new stake in Ovintiv in the 4th quarter worth about $205,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.