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

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average recommendation of “Moderate Buy” from the seventeen research firms that are currently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $58.17.

Several brokerages have issued reports on OVV. JPMorgan Chase & Co. lowered their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. TD Cowen increased their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Royal Bank of Canada cut their price target on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Wolfe Research started coverage on Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, Morgan Stanley dropped their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently made changes to their positions in the company. American National Bank acquired a new stake in shares of Ovintiv in the 1st quarter valued at $27,000. Innealta Capital LLC bought a new position in shares of Ovintiv in the 2nd quarter worth $39,000. Geneos Wealth Management Inc. grew its stake in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the period. Atlas Capital Advisors LLC bought a new stake in Ovintiv in the first quarter valued at about $74,000. Finally, International Assets Investment Management LLC acquired a new position in Ovintiv in the second quarter valued at about $69,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 5.3 %

Shares of OVV opened at $40.34 on Wednesday. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The company’s 50-day moving average price is $41.82 and its 200 day moving average price is $47.02. The firm has a market cap of $10.77 billion, a P/E ratio of 5.63, a price-to-earnings-growth ratio of 7.23 and a beta of 2.62.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. On average, sell-side analysts forecast that Ovintiv will post 5.26 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

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.