Ovintiv (NYSE:OVV) Trading Up 4.2% – Still a Buy?

Ovintiv Inc. (NYSE:OVV) rose 4.2% on Thursday . The company traded as high as $43.01 and last traded at $43.01. Approximately 2,280,705 shares changed hands during mid-day trading, a decline of 27% from the average daily volume of 3,137,503 shares. The stock had previously closed at $41.26.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on OVV shares. Royal Bank of Canada decreased their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Evercore ISI dropped their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Bank of America reaffirmed a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. Scotiabank boosted their price target on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Friday, July 12th. Finally, JPMorgan Chase & Co. reduced their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.17.

Ovintiv Price Performance

The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock’s fifty day moving average price is $41.63 and its 200-day moving average price is $46.90. The firm has a market cap of $11.47 billion, a PE ratio of 6.08, a P/E/G ratio of 6.82 and a beta of 2.62.

Ovintiv (NYSE:OVV) last issued its 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 during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, equities analysts forecast that Ovintiv Inc. will post 5.26 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.76%. Ovintiv’s payout ratio is 16.76%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. American National Bank purchased a new position in Ovintiv during the 1st quarter valued at about $27,000. Innealta Capital LLC purchased a new stake in Ovintiv in the 2nd quarter valued at approximately $39,000. Geneos Wealth Management Inc. grew its holdings in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after buying an additional 300 shares during the last quarter. Creekmur Asset Management LLC purchased a new position in Ovintiv during the fourth quarter worth $68,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Ovintiv in the second quarter worth $69,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.