Ovintiv (NYSE:OVV) Sets New 52-Week Low at $37.41

Ovintiv Inc. (NYSE:OVV) hit a new 52-week low during trading on Thursday . The company traded as low as $37.41 and last traded at $37.42, with a volume of 619187 shares traded. The stock had previously closed at $38.84.

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company reduced their price target on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. TD Cowen boosted their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Morgan Stanley reduced their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Finally, Bank of America reissued a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a report on Friday, June 14th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Trading Up 3.7 %

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 company has a market cap of $10.24 billion, a price-to-earnings ratio of 5.36, a price-to-earnings-growth ratio of 7.32 and a beta of 2.62. The business’s fifty day moving average price is $42.11 and its 200 day moving average price is $47.24.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Research analysts anticipate that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

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

Institutional Trading of Ovintiv

Several hedge funds have recently modified their holdings of OVV. GAMMA Investing LLC raised its holdings in shares of Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after purchasing an additional 220 shares during the period. Covestor Ltd raised its stake in Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after buying an additional 293 shares during the period. Geneos Wealth Management Inc. raised its stake in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares during the period. Blue Trust Inc. boosted its holdings in Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after acquiring an additional 347 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in Ovintiv by 1.0% in the second quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock valued at $1,756,000 after acquiring an additional 353 shares during the period. Institutional investors own 83.81% of the company’s stock.

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.