Brokerages Set Ovintiv Inc. (NYSE:OVV) PT at $66.89

Ovintiv Inc. (NYSE:OVV) has earned an average recommendation of “Moderate Buy” from the twenty-two brokerages that are currently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $66.8947.

OVV has been the subject of a number of research reports. Morgan Stanley reduced their target price on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a report on Monday, June 29th. Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Roth Capital upped their price objective on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Finally, Wall Street Zen upgraded Ovintiv from a “hold” rating to a “buy” rating in a research note on Saturday, July 25th.

Ovintiv Stock Performance

Shares of OVV opened at $59.37 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market cap of $16.36 billion, a PE ratio of 16.77 and a beta of 0.53. The company’s 50 day simple moving average is $56.84 and its 200-day simple moving average is $54.61. Ovintiv has a 12-month low of $35.47 and a 12-month high of $64.61.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, equities analysts predict that Ovintiv will post 6.87 EPS for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

Hedge Funds Weigh In On Ovintiv

Several institutional investors have recently bought and sold shares of the company. Equity Investment Corp acquired a new position in Ovintiv in the 2nd quarter valued at $201,000. Meeder Advisory Services Inc. acquired a new stake in shares of Ovintiv in the 2nd quarter worth $631,000. Citizens Financial Group Inc. RI purchased a new stake in shares of Ovintiv in the second quarter valued at about $218,000. BlackRock Inc. purchased a new stake in shares of Ovintiv in the second quarter valued at about $1,422,959,000. Finally, Pallas Capital Advisors LLC acquired a new position in shares of Ovintiv during the second quarter worth about $279,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.