Ovintiv (NYSE:OVV) Given New $54.00 Price Target at Citigroup

Ovintiv (NYSE:OVV) had its price objective reduced by Citigroup from $55.00 to $54.00 in a research note published on Tuesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other analysts have also weighed in on OVV. Truist Financial raised their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Mizuho reduced their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. UBS Group upped their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Scotiabank increased their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Finally, Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Five equities 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’s stock. According to data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $56.65.

Ovintiv Stock Down 0.0 %

NYSE OVV opened at $45.73 on Tuesday. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The business has a fifty day moving average price of $41.62 and a two-hundred day moving average price of $44.13. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $11.90 billion, a PE ratio of 6.06 and a beta of 2.62.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.62%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently made changes to their positions in the stock. Tidal Investments LLC bought a new stake in Ovintiv in the third quarter valued at approximately $409,000. Sanctuary Advisors LLC lifted its position in shares of Ovintiv by 55.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 9,991 shares of the company’s stock worth $383,000 after purchasing an additional 3,545 shares during the period. Geode Capital Management LLC boosted its stake in shares of Ovintiv by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after purchasing an additional 205,409 shares during the last quarter. M&T Bank Corp increased its position in shares of Ovintiv by 21.2% during the third quarter. M&T Bank Corp now owns 16,278 shares of the company’s stock worth $624,000 after buying an additional 2,850 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its stake in Ovintiv by 64.4% during the third quarter. Y Intercept Hong Kong Ltd now owns 59,856 shares of the company’s stock worth $2,293,000 after buying an additional 23,452 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.