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

Shares of Ovintiv Inc. (NYSE:OVV) have received an average recommendation of “Moderate Buy” from the nineteen brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $52.00.

OVV has been the subject of a number of analyst reports. UBS Group lifted their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Morgan Stanley set a $48.00 price target on shares of Ovintiv and gave the stock an “equal weight” rating in a report on Monday, August 18th. The Goldman Sachs Group upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and raised their price target for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, October 3rd. Finally, Citigroup set a $54.00 price target on shares of Ovintiv and gave the stock a “buy” rating in a report on Wednesday, July 2nd.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Concurrent Investment Advisors LLC increased its holdings in Ovintiv by 5.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company’s stock worth $239,000 after acquiring an additional 297 shares during the period. Smartleaf Asset Management LLC increased its holdings in Ovintiv by 43.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company’s stock worth $49,000 after acquiring an additional 349 shares during the period. UMB Bank n.a. grew its stake in Ovintiv by 16.9% in the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company’s stock worth $124,000 after buying an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. grew its stake in Ovintiv by 0.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company’s stock worth $2,962,000 after buying an additional 420 shares in the last quarter. Finally, ProShare Advisors LLC grew its stake in Ovintiv by 3.8% in the 2nd quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock worth $438,000 after buying an additional 427 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Price Performance

Shares of NYSE OVV opened at $39.11 on Friday. Ovintiv has a twelve month low of $29.80 and a twelve month high of $47.18. The firm has a fifty day simple moving average of $40.78 and a 200 day simple moving average of $38.91. The company has a market capitalization of $10.05 billion, a PE ratio of 17.31, a P/E/G ratio of 5.41 and a beta of 0.97. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. On average, sell-side analysts forecast that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, September 15th. Ovintiv’s dividend payout ratio (DPR) is presently 53.10%.

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.