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

Ovintiv Inc. (NYSE:OVV) has received an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation, fifteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $64.1579.

Several equities analysts recently commented on the stock. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. National Bank Financial boosted their target price on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. UBS Group lowered their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Wells Fargo & Company upgraded Ovintiv from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $57.00 to $80.00 in a research note on Monday, June 22nd. Finally, Royal Bank Of Canada set a $70.00 price target on Ovintiv and gave the company an “outperform” rating in a research note on Monday, June 22nd.

Institutional Trading of Ovintiv

A number of hedge funds have recently made changes to their positions in the company. Steph & Co. acquired a new position in shares of Ovintiv in the first quarter valued at approximately $29,000. Flagship Harbor Advisors LLC bought a new position in Ovintiv in the 4th quarter valued at approximately $38,000. Los Angeles Capital Management LLC acquired a new stake in Ovintiv during the 4th quarter worth approximately $46,000. Deseret Mutual Benefit Administrators grew its holdings in Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in Ovintiv by 58.4% during the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 494 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Up 1.7%

OVV stock opened at $56.46 on Tuesday. The firm has a 50-day moving average price of $56.44 and a 200-day moving average price of $51.94. Ovintiv has a 12 month low of $35.47 and a 12 month high of $63.46. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $15.87 billion, a P/E ratio of 18.21 and a beta of 0.53.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv’s dividend payout ratio is presently 38.71%.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.