Ovintiv Inc. (NYSE:OVV) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Ovintiv Inc. (NYSE:OVVGet Free Report) have been assigned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are presently covering the stock, MarketBeat reports. Five research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $53.94.

Several equities analysts have recently commented on the company. Mizuho cut their price target on Ovintiv from $59.00 to $58.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. National Bankshares lowered their price target on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, January 10th. The Goldman Sachs Group boosted their price target on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Royal Bank of Canada boosted their price objective on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research report on Thursday, February 29th. Finally, Wells Fargo & Company dropped their price target on Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 17th.

Check Out Our Latest Stock Report on OVV

Ovintiv Stock Performance

OVV stock opened at $52.51 on Wednesday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. The business’s fifty day simple moving average is $47.01 and its two-hundred day simple moving average is $45.76. Ovintiv has a twelve month low of $32.07 and a twelve month high of $52.51. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of 6.66 and a beta of 2.65.

Ovintiv (NYSE:OVVGet Free Report) last released its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. Analysts predict that Ovintiv will post 5.95 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a $0.30 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.29%. Ovintiv’s dividend payout ratio (DPR) is 15.21%.

Insider Activity at Ovintiv

In other news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the sale, the executive vice president now owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares in the company, valued at $1,206,325.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the sale, the director now owns 36,840 shares in the company, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,564 shares of company stock worth $4,660,818. 0.97% of the stock is currently owned by insiders.

Institutional Trading of Ovintiv

Large investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its stake in Ovintiv by 10.7% during the 3rd quarter. Victory Capital Management Inc. now owns 528,836 shares of the company’s stock valued at $25,157,000 after purchasing an additional 51,261 shares in the last quarter. Toronto Dominion Bank boosted its stake in Ovintiv by 15.5% during the 3rd quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock valued at $36,215,000 after purchasing an additional 101,978 shares in the last quarter. Vanguard Group Inc. boosted its stake in Ovintiv by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after purchasing an additional 2,484,554 shares in the last quarter. Legal & General Group Plc boosted its stake in Ovintiv by 2.5% during the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company’s stock valued at $53,500,000 after purchasing an additional 27,381 shares in the last quarter. Finally, Comerica Bank bought a new stake in shares of Ovintiv during the 3rd quarter worth $18,097,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Company Profile

(Get Free Report

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.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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