Ovintiv (NYSE:OVV) Trading Up 4.5% – Here’s Why

Ovintiv Inc. (NYSE:OVV) shares shot up 4.5% during mid-day trading on Monday . The company traded as high as $40.53 and last traded at $40.41. 1,148,005 shares were traded during mid-day trading, a decline of 62% from the average session volume of 3,061,130 shares. The stock had previously closed at $38.68.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Mizuho reduced their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Morgan Stanley reduced 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 report on Monday, September 16th. Evercore ISI dropped their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. UBS Group cut their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Finally, Barclays upped their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Five investment analysts have rated the stock with a hold rating, twelve have given 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 an average target price of $56.59.

Ovintiv Price Performance

The company has a fifty day simple moving average of $41.63 and a two-hundred day simple moving average of $42.84. The stock has a market capitalization of $10.40 billion, a price-to-earnings ratio of 5.30 and a beta of 2.63. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is presently 15.92%.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its holdings in shares of Ovintiv by 0.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,172,375 shares of the company’s stock worth $44,914,000 after buying an additional 5,832 shares in the last quarter. Retirement Systems of Alabama raised its stake in Ovintiv by 4.4% during the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after acquiring an additional 13,536 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Ovintiv by 16.0% in the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after acquiring an additional 37,341 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Ovintiv in the 3rd quarter valued at approximately $409,000. Finally, Sanctuary Advisors LLC grew its holdings in shares of Ovintiv by 55.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 9,991 shares of the company’s stock valued at $383,000 after purchasing an additional 3,545 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.