Ovintiv Inc. (NYSE:OVV) Receives $56.81 Consensus Price Target from Analysts

Ovintiv Inc. (NYSE:OVV) has earned a consensus recommendation of “Moderate Buy” from the eighteen analysts that are covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $56.88.

A number of analysts have recently commented on OVV shares. UBS Group cut their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Scotiabank raised their price target on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Citigroup cut their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company reduced their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its position in Ovintiv by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after purchasing an additional 231 shares during the period. Drive Wealth Management LLC grew its holdings in shares of Ovintiv by 2.5% during the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock valued at $395,000 after buying an additional 251 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Ovintiv by 3.7% during the third 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. Fifth Third Bancorp raised its holdings in shares of Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after acquiring an additional 282 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Ovintiv by 27.7% in the 3rd 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 last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

Shares of OVV opened at $43.82 on Tuesday. 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 has a twelve month low of $36.90 and a twelve month high of $55.95. The firm’s 50 day moving average price is $42.59 and its two-hundred day moving average price is $42.35. The firm has a market cap of $11.41 billion, a P/E ratio of 5.81 and a beta of 2.63.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Thursday, November 7th. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.76. The business had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.32 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. During the same period last year, the business posted $1.74 earnings per share. On average, analysts forecast that Ovintiv will post 5.58 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.30 dividend. The ex-dividend date was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. Ovintiv’s dividend 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.