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

Shares of Ovintiv Inc. (NYSE:OVV) have earned a consensus rating of “Moderate Buy” from the twenty-one ratings firms that are currently covering the stock, Marketbeat reports. Six analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $63.00.

Several research firms recently issued reports on OVV. Mizuho raised their price target on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. UBS Group decreased their price target on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. TD Cowen raised their price target on Ovintiv from $58.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. The Goldman Sachs Group raised their price target on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Finally, Truist Financial cut their target price on Ovintiv from $72.00 to $70.00 and set a “buy” rating on the stock in a research note on Wednesday, May 13th.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently added to or reduced their stakes in OVV. AQR Capital Management LLC lifted its stake in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after buying an additional 3,589,030 shares during the period. Millennium Management LLC lifted its stake in Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after buying an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP lifted its stake in Ovintiv by 25.8% in the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after buying an additional 1,927,193 shares during the period. Goldentree Asset Management LP acquired a new position in Ovintiv in the fourth quarter valued at about $61,528,000. Finally, Freestone Grove Partners LP lifted its stake in Ovintiv by 79.9% in the fourth quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock valued at $120,506,000 after buying an additional 1,365,535 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

Ovintiv stock opened at $56.52 on Friday. The business’s 50-day simple moving average is $57.76 and its 200 day simple moving average is $49.78. The stock has a market cap of $15.88 billion, a price-to-earnings ratio of 18.23 and a beta of 0.53. Ovintiv has a 12-month low of $35.47 and a 12-month high of $63.46. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Monday, May 11th. The company reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.15. The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. As a group, research analysts anticipate that Ovintiv will post 8.15 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 2.1%. Ovintiv’s dividend payout ratio is presently 38.71%.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.