Ovintiv (NYSE:OVV) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Ovintiv (NYSE:OVV) from a strong-buy rating to a buy rating in a research report sent to investors on Saturday,Wall Street Zen reports.

OVV has been the topic of a number of other reports. Stephens reaffirmed a “positive” rating on shares of Ovintiv in a research report on Tuesday, October 27th. Zacks Research raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 27th. Roth Capital boosted their price target on shares of Ovintiv from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Truist Financial boosted their target price on shares of Ovintiv from $77.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, November 5th. Finally, Wells Fargo & Company reduced their target price on Ovintiv from $82.00 to $81.00 and set an “overweight” rating for the company in a report on Thursday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.33.

Ovintiv Stock Down 0.1%

OVV opened at $60.45 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.01 and a current ratio of 0.84. The company has a market capitalization of $16.24 billion, a PE ratio of 8.87 and a beta of 0.57. The stock’s fifty day moving average is $64.73 and its 200-day moving average is $58.12. Ovintiv has a one year low of $36.81 and a one year high of $73.61.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv’s payout ratio is 24.19%.

Insider Activity

In related news, EVP Rachel Moore sold 7,753 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Aberdeen Wealth Management LLC bought a new stake in shares of Ovintiv during the 2nd quarter worth $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Ovintiv during the 2nd quarter worth $32,000. Markowski Investments bought a new stake in Ovintiv during the second quarter valued at about $39,000. Eurizon Capital SGR S.p.A. grew its position in shares of Ovintiv by 289.3% in the third quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company’s stock valued at $60,000 after purchasing an additional 755 shares during the last quarter. Finally, Heritage Family Offices LLP bought a new position in shares of Ovintiv in the third quarter worth about $72,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products.

The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.