Brokerages Set Ovintiv Inc. (NYSE:OVV) Price Target at $56.61

Shares of Ovintiv Inc. (NYSE:OVV) have been given a consensus rating of “Moderate Buy” by the eighteen brokerages that are presently covering the stock, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $56.83.

Several analysts have commented on the company. National Bankshares upped their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Truist Financial boosted their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Wells Fargo & Company increased their price target on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 20th. Citigroup decreased their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Finally, BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $55.00 to $57.00 in a report on Monday.

Institutional Trading of Ovintiv

Several large investors have recently bought and sold shares of the company. OneDigital Investment Advisors LLC boosted its stake in shares of Ovintiv by 5.2% in 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 during the period. CIBC Asset Management Inc boosted its position in Ovintiv by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after buying an additional 280 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in shares of Ovintiv by 1.3% during the third quarter. Thrivent Financial for Lutherans now owns 148,384 shares of the company’s stock valued at $5,684,000 after acquiring an additional 1,891 shares in the last quarter. Quest Partners LLC increased its position in shares of Ovintiv by 449.3% during the third quarter. Quest Partners LLC now owns 42,109 shares of the company’s stock worth $1,613,000 after acquiring an additional 34,443 shares during the last quarter. Finally, Drive Wealth Management LLC increased its position in shares of Ovintiv by 2.5% during the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after acquiring an additional 251 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

Ovintiv stock opened at $43.77 on Wednesday. The stock has a fifty day moving average price of $42.75 and a 200 day moving average price of $41.84. Ovintiv has a 52 week low of $36.62 and a 52 week high of $55.95. The firm has a market capitalization of $11.40 billion, a P/E ratio of 5.81 and a beta of 2.55. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. Ovintiv’s payout ratio is currently 28.57%.

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.