Truist Financial Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target boosted by Truist Financial from $59.00 to $60.00 in a research report report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also commented on OVV. Wells Fargo & Company dropped their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Scotiabank raised their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Morgan Stanley dropped 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. Barclays raised their price objective on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Mizuho lowered their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

Ovintiv Stock Up 2.2 %

Shares of NYSE:OVV opened at $44.55 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The stock’s fifty day simple moving average is $42.12 and its 200-day simple moving average is $42.49. The company has a market capitalization of $11.60 billion, a P/E ratio of 5.91 and a beta of 2.63.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently modified their holdings of the company. Daiwa Securities Group Inc. grew its holdings in shares of Ovintiv by 6.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 18,500 shares of the company’s stock worth $867,000 after acquiring an additional 1,200 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Ovintiv by 11.8% during the second quarter. American Century Companies Inc. now owns 385,277 shares of the company’s stock valued at $18,058,000 after buying an additional 40,772 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Ovintiv by 7.5% during the second quarter. DekaBank Deutsche Girozentrale now owns 32,813 shares of the company’s stock valued at $1,525,000 after buying an additional 2,295 shares in the last quarter. Meeder Advisory Services Inc. grew its holdings in shares of Ovintiv by 54.0% during the second quarter. Meeder Advisory Services Inc. now owns 6,764 shares of the company’s stock valued at $317,000 after buying an additional 2,373 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Ovintiv by 3.8% during the second quarter. Federated Hermes Inc. now owns 145,223 shares of the company’s stock valued at $6,807,000 after buying an additional 5,323 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

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.