Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Ovintiv (NYSE:OVV) had its price target hoisted by Wells Fargo & Company from $44.00 to $45.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other analysts also recently issued reports on OVV. Mizuho cut their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the company from $55.00 to $54.00 in a research report on Monday, January 13th. UBS Group lowered their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, December 9th. Finally, Truist Financial increased their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $42.18 on Thursday. The stock’s fifty day simple moving average is $42.84 and its 200 day simple moving average is $41.80. The stock has a market capitalization of $10.98 billion, a price-to-earnings ratio of 5.59 and a beta of 2.55. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 52-week low of $36.62 and a 52-week high of $55.95.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio is 28.57%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of OVV. OneDigital Investment Advisors LLC raised its holdings in Ovintiv by 5.2% during the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after buying an additional 298 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in Ovintiv by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock worth $304,000 after purchasing an additional 280 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in Ovintiv by 1.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 148,384 shares of the company’s stock worth $5,684,000 after purchasing an additional 1,891 shares during the last quarter. Pathstone Holdings LLC boosted its position in Ovintiv by 82.2% during the third quarter. Pathstone Holdings LLC now owns 41,645 shares of the company’s stock worth $1,595,000 after purchasing an additional 18,783 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in Ovintiv during the third quarter valued at approximately $215,000. 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.