Citigroup Has Lowered Expectations for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its target price decreased by Citigroup from $55.00 to $54.00 in a research report released on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other equities analysts also recently issued research reports about the company. Royal Bank of Canada cut their target price on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Mizuho decreased their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Morgan Stanley lowered their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, 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. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $56.65.

Ovintiv Trading Down 0.0 %

OVV opened at $45.73 on Tuesday. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a market capitalization of $11.90 billion, a PE ratio of 6.06 and a beta of 2.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company’s 50-day moving average is $41.62 and its 200 day moving average is $44.13.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 yield of 2.62%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is 15.92%.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Raymond James & Associates grew its stake in Ovintiv by 1.2% in the third 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 in the last quarter. Quarry LP grew its holdings in Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after acquiring an additional 19,272 shares in the last quarter. Wedge Capital Management L L P NC increased its position in Ovintiv by 25.0% during 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 purchasing an additional 106,900 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in shares of Ovintiv in the 1st quarter valued at about $1,149,000. Finally, Canandaigua National Bank & Trust Co. purchased a new stake in shares of Ovintiv in the 2nd quarter worth approximately $1,441,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.