Ovintiv (NYSE:OVV) Downgraded by Wall Street Zen to “Buy”

Wall Street Zen lowered shares of Ovintiv (NYSE:OVV) from a strong-buy rating to a buy rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other research analysts have also recently issued reports on OVV. Barclays lifted their price objective on shares of Ovintiv from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday. The Goldman Sachs Group raised their target price on Ovintiv from $65.00 to $72.00 and gave the company a “buy” rating in a report on Tuesday, October 27th. Truist Financial raised their target price on Ovintiv from $77.00 to $90.00 and gave the company a “buy” rating in a report on Thursday. Wells Fargo & Company decreased their price target on Ovintiv from $82.00 to $81.00 and set an “overweight” rating on the stock in a research note on Thursday. Finally, Stephens reissued a “positive” rating on shares of Ovintiv in a report on Tuesday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $74.33.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $60.55 on Friday. The firm has a 50 day moving average of $64.82 and a 200-day moving average of $58.02. The stock has a market capitalization of $16.27 billion, a PE ratio of 12.21 and a beta of 0.57. The company has a current ratio of 0.84, a quick ratio of 1.01 and a debt-to-equity ratio of 0.31. Ovintiv has a 12 month low of $36.81 and a 12 month high of $73.61.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv’s payout ratio is 24.19%.

Insider Transactions at Ovintiv

In related news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This represents a 9.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is currently owned by corporate insiders.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of OVV. Aberdeen Wealth Management LLC bought a new position in shares of Ovintiv in the 2nd quarter valued at $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Ovintiv during the 2nd quarter worth $32,000. Markowski Investments bought a new stake in Ovintiv during the 2nd quarter worth $39,000. Eurizon Capital SGR S.p.A. grew its position in Ovintiv by 289.3% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company’s stock worth $60,000 after acquiring an additional 755 shares during the last quarter. Finally, Heritage Family Offices LLP acquired a new position in Ovintiv in the 3rd quarter worth about $72,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products.

The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.