Ovintiv’s (OVV) Buy Rating Reiterated at Truist Financial

Truist Financial reiterated their buy rating on shares of Ovintiv (NYSE:OVV) in a research note published on Monday morning, MarketBeat Ratings reports. Truist Financial currently has a $73.00 price objective on the stock, up from their prior price objective of $66.00.

Several other equities analysts have also recently commented on OVV. Zacks Research cut shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Citigroup reduced their target price on Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a report on Friday, July 17th. Wall Street Zen raised Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. National Bank Financial lifted their price target on Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Finally, Bank of America boosted their price objective on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.89.

Ovintiv Stock Performance

NYSE OVV opened at $61.30 on Monday. Ovintiv has a 1 year low of $35.47 and a 1 year high of $64.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $16.89 billion, a price-to-earnings ratio of 17.32 and a beta of 0.53. The company has a fifty day moving average price of $56.37 and a 200-day moving average price of $53.68.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities research analysts predict that Ovintiv will post 7.1 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio is currently 33.90%.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of the stock. Steph & Co. bought a new position in Ovintiv during the first quarter valued at $29,000. Flagship Harbor Advisors LLC bought a new stake in shares of Ovintiv in the fourth quarter valued at $38,000. Los Angeles Capital Management LLC purchased a new position in shares of Ovintiv during the 4th quarter valued at $46,000. Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares during the period. Finally, IFP Advisors Inc grew its stake in shares of Ovintiv by 58.4% during the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after acquiring an additional 494 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.