Analysts Set Ovintiv Inc. (NYSE:OVV) PT at $56.59

Shares of Ovintiv Inc. (NYSE:OVV) have received an average recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation, eleven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $56.81.

Several brokerages have weighed in on OVV. Wells Fargo & Company reduced their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Morgan Stanley decreased their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Truist Financial upped their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 15th. UBS Group reduced their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Finally, Evercore ISI lowered their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th.

Ovintiv Stock Up 1.3 %

OVV opened at $42.41 on Friday. The company’s 50-day moving average price is $41.94 and its two-hundred day moving average price is $42.59. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a market cap of $11.04 billion, a price-to-earnings ratio of 5.62 and a beta of 2.63.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.83%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of OVV. Drive Wealth Management LLC grew its stake in Ovintiv by 2.5% in the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after buying an additional 251 shares in the last quarter. CIBC Asset Management Inc grew its position in Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock worth $304,000 after acquiring an additional 280 shares in the last quarter. UMB Bank n.a. increased its stake in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares during the last quarter. OneDigital Investment Advisors LLC raised its position in Ovintiv by 5.2% during the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after purchasing an additional 298 shares in the last quarter. Finally, Stifel Financial Corp lifted its stake in Ovintiv by 1.6% during the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock worth $781,000 after purchasing an additional 322 shares during the last quarter. 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.