Ovintiv Inc. (NYSE:OVV) Receives Consensus Rating of “Buy” from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average recommendation of “Buy” from the sixteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $54.69.

A number of analysts recently commented on the stock. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Scotiabank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. cut their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company cut their target price on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a research report on Monday, June 16th. Finally, BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $55.00 to $57.00 in a research report on Monday, March 24th.

Ovintiv Stock Up 1.9%

OVV stock opened at $38.73 on Friday. The company has a market cap of $10.06 billion, a P/E ratio of 16.48, a P/E/G ratio of 2.07 and a beta of 1.09. Ovintiv has a 52 week low of $29.80 and a 52 week high of $49.57. The company’s 50-day moving average price is $37.08 and its 200 day moving average price is $39.61. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.22. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. On average, research analysts expect that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.10%. Ovintiv’s dividend payout ratio (DPR) is presently 51.06%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Colonial Trust Co SC acquired a new position in Ovintiv in the 4th quarter valued at $28,000. Smartleaf Asset Management LLC raised its holdings in Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares during the last quarter. Harbour Investments Inc. raised its holdings in Ovintiv by 143.8% in the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock valued at $39,000 after acquiring an additional 542 shares during the last quarter. Optiver Holding B.V. acquired a new position in Ovintiv in the 4th quarter valued at $40,000. Finally, Mizuho Bank Ltd. acquired a new position in Ovintiv in the 4th quarter valued at $40,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.