Ovintiv (NYSE:OVV) Price Target Raised to $59.00

Ovintiv (NYSE:OVV) had its target price lifted by Truist Financial from $57.00 to $59.00 in a research note published on Friday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other research firms also recently weighed in on OVV. JPMorgan Chase & Co. dropped their target price 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. Royal Bank of Canada cut their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Wolfe Research assumed coverage on shares of Ovintiv in a research note on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Finally, Morgan Stanley lowered their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Five investment 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Trading Down 2.1 %

Shares of OVV stock opened at $43.79 on Friday. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The firm has a market cap of $11.40 billion, a PE ratio of 5.81, a price-to-earnings-growth ratio of 7.97 and a beta of 2.62. The company has a 50-day moving average of $40.71 and a two-hundred day moving average of $44.41. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. Ovintiv’s payout ratio is currently 15.92%.

Institutional Investors Weigh In On Ovintiv

Institutional investors have recently added to or reduced their stakes in the business. Drive Wealth Management LLC raised its holdings in Ovintiv by 2.5% during the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after purchasing an additional 251 shares in the last quarter. CIBC Asset Management Inc raised its stake in Ovintiv by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock worth $304,000 after acquiring an additional 280 shares in the last quarter. UMB Bank n.a. lifted its position in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares during the last quarter. Covestor Ltd lifted its position in Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after acquiring an additional 293 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after acquiring an additional 298 shares in the last quarter. Hedge funds and other 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.