Ovintiv (NYSE:OVV) Given New $56.00 Price Target at The Goldman Sachs Group

Ovintiv (NYSE:OVV) had its target price boosted by The Goldman Sachs Group from $47.00 to $56.00 in a report released on Tuesday, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the stock.

Several other brokerages have also recently commented on OVV. Mizuho decreased their price target on shares of Ovintiv from $59.00 to $58.00 and set a buy rating for the company in a research report on Friday, March 22nd. UBS Group decreased their price target on shares of Ovintiv from $63.00 to $57.00 and set a buy rating for the company in a research report on Thursday, December 14th. National Bankshares decreased their price target on shares of Ovintiv from $69.00 to $53.00 and set an outperform rating for the company in a research report on Wednesday, January 10th. Wells Fargo & Company decreased their price target on shares of Ovintiv from $46.00 to $44.00 and set an equal weight rating for the company in a research report on Wednesday, January 17th. Finally, Citigroup raised their price target on shares of Ovintiv from $52.00 to $58.00 and gave the company a buy rating in a research report on Monday, March 18th. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $53.94.

Ovintiv Stock Performance

NYSE:OVV opened at $51.90 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market capitalization of $13.96 billion, a P/E ratio of 6.58 and a beta of 2.66. The company has a 50 day moving average price of $46.36 and a 200 day moving average price of $45.69. Ovintiv has a fifty-two week low of $32.07 and a fifty-two week high of $52.09.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. Equities research analysts forecast that Ovintiv will post 5.95 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.31%. Ovintiv’s dividend payout ratio is currently 15.21%.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the sale, the director now directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the transaction, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares in the company, valued at $2,662,012.05. The disclosure for this sale can be found here. Insiders have sold 91,564 shares of company stock worth $4,660,818 in the last ninety days. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Raymond James & Associates boosted its holdings in shares of Ovintiv by 35.3% in the first quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock valued at $3,107,000 after acquiring an additional 14,978 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Ovintiv in the first quarter valued at about $525,000. HighTower Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter valued at about $715,000. Cetera Advisor Networks LLC purchased a new stake in shares of Ovintiv in the first quarter valued at about $224,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Ovintiv by 45.7% in the first quarter. PNC Financial Services Group Inc. now owns 15,605 shares of the company’s stock valued at $843,000 after acquiring an additional 4,895 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.