Brokerages Set Ovintiv Inc. (NYSE:OVV) Target Price at $56.88

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned a consensus rating of “Moderate Buy” from the eighteen brokerages that are covering the company, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $56.88.

A number of research firms have recently commented on OVV. Wells Fargo & Company cut their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Barclays lifted their target price on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. National Bankshares lifted their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Scotiabank lifted their target price on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th. Finally, Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th.

Ovintiv Stock Up 0.7 %

Ovintiv stock opened at $43.47 on Friday. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. 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 stock has a market cap of $11.32 billion, a PE ratio of 5.77 and a beta of 2.60. The stock’s fifty day moving average is $43.03 and its two-hundred day moving average is $42.14.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.76%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio is presently 28.57%.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently added to or reduced their stakes in OVV. Creative Planning boosted its holdings in Ovintiv by 3.8% in the 3rd quarter. Creative Planning now owns 33,244 shares of the company’s stock valued at $1,274,000 after purchasing an additional 1,203 shares in the last quarter. Blue Trust Inc. boosted its holdings in Ovintiv by 120.2% in the 3rd quarter. Blue Trust Inc. now owns 3,949 shares of the company’s stock valued at $151,000 after purchasing an additional 2,156 shares in the last quarter. Raymond James & Associates boosted its holdings in Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after purchasing an additional 2,275 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Ovintiv by 5,704.0% in the 3rd quarter. International Assets Investment Management LLC now owns 85,087 shares of the company’s stock valued at $3,260,000 after purchasing an additional 83,621 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Ovintiv by 7,422.1% during 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. 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.