Ovintiv (NYSE:OVV) Price Target Raised to $57.00

Ovintiv (NYSE:OVV) had its price target lifted by Barclays from $53.00 to $57.00 in a research note published on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

OVV has been the subject of several other research reports. Wells Fargo & Company reduced their price target on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Citigroup reduced their price target on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Wolfe Research started coverage on Ovintiv in a research note on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Stock Performance

NYSE OVV opened at $43.79 on Friday. The company has a fifty day simple moving average of $40.71 and a 200 day simple moving average of $44.41. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.40 billion, a P/E ratio of 5.81, a PEG ratio of 7.97 and a beta of 2.62.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is 15.92%.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently made changes to their positions in the business. Raymond James & Associates raised its stake in shares of Ovintiv by 1.2% during the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after purchasing an additional 2,275 shares during the period. Quarry LP raised its stake in Ovintiv by 89.1% in the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after acquiring an additional 19,272 shares during the period. Wedge Capital Management L L P NC raised its stake in Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock valued at $25,090,000 after acquiring an additional 106,900 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Ovintiv in the 1st quarter valued at about $1,149,000. Finally, Canandaigua National Bank & Trust Co. bought a new stake in Ovintiv in the 2nd quarter valued at about $1,441,000. 83.81% of the stock is currently owned by institutional investors.

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.