Brokerages Set Ovintiv Inc. (NYSE:OVV) Price Target at $59.83

Ovintiv Inc. (NYSE:OVV) has been given an average recommendation of “Moderate Buy” by the seventeen brokerages that are covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $59.83.

Several equities analysts have recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. cut their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Wolfe Research started coverage on Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock. Scotiabank upped 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, UBS Group reduced their price objective on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $38.37 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The business has a 50 day simple moving average of $42.11 and a two-hundred day simple moving average of $47.24. The stock has a market capitalization of $10.24 billion, a P/E ratio of 5.36, a PEG ratio of 7.32 and a beta of 2.62. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. As a group, analysts predict that Ovintiv will post 5.26 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.13%. Ovintiv’s dividend payout ratio is currently 16.76%.

Institutional Trading of Ovintiv

Several institutional investors have recently added to or reduced their stakes in OVV. TD Asset Management Inc grew its position in Ovintiv by 176.3% in the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after acquiring an additional 29,449 shares in the last quarter. Wedge Capital Management L L P NC increased its stake in Ovintiv by 25.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after buying an additional 106,900 shares during the period. FORA Capital LLC purchased a new stake in Ovintiv during the 1st quarter worth approximately $4,244,000. Jacobs Levy Equity Management Inc. acquired a new stake in Ovintiv during the 1st quarter worth approximately $1,149,000. Finally, Canandaigua National Bank & Trust Co. purchased a new position in Ovintiv in the 2nd quarter valued at approximately $1,441,000. 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.