Ovintiv (NYSE:OVV) Trading 5.6% Higher Following Analyst Upgrade

Ovintiv Inc. (NYSE:OVV)’s share price rose 5.6% during mid-day trading on Monday after Truist Financial raised their price target on the stock from $59.00 to $60.00. Truist Financial currently has a buy rating on the stock. Ovintiv traded as high as $46.06 and last traded at $46.04. Approximately 977,595 shares traded hands during trading, a decline of 53% from the average daily volume of 2,079,708 shares. The stock had previously closed at $43.61.

OVV has been the topic of several other research reports. Mizuho cut their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Morgan Stanley cut their price target on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the company from $55.00 to $54.00 in a report on Monday. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Barclays raised their target price on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

Hedge Funds Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Pacer Advisors Inc. boosted its position in Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after buying an additional 1,618,556 shares during the period. Assenagon Asset Management S.A. boosted its stake in Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after buying an additional 1,340,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after acquiring an additional 1,207,610 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Ovintiv by 42.6% during the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock valued at $44,991,000 after purchasing an additional 350,909 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Price Performance

The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.71 billion, a price-to-earnings ratio of 5.96 and a beta of 2.63. The business has a 50-day moving average price of $42.22 and a 200 day moving average price of $42.48.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

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.