Ovintiv Inc. (NYSE:OVV) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have earned an average recommendation of “Moderate Buy” from the eighteen analysts that are currently covering the stock, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $56.59.

OVV has been the topic of several research reports. UBS Group decreased their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Morgan Stanley lowered their price target on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Scotiabank raised their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Evercore ISI lowered their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, Citigroup cut their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the company. True Wealth Design LLC lifted its position in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. UMB Bank n.a. lifted its holdings in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares during the period. Transamerica Financial Advisors Inc. bought a new stake in Ovintiv during the third quarter worth $65,000. Covestor Ltd boosted its position in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after purchasing an additional 560 shares during the last quarter. Finally, Abich Financial Wealth Management LLC bought a new position in Ovintiv in the 3rd quarter valued at $122,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Ovintiv stock opened at $41.61 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market cap of $10.83 billion, a PE ratio of 5.52 and a beta of 2.63. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The business’s 50-day moving average price is $41.64 and its two-hundred day moving average price is $42.74.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date was Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

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.