Analysts Set Ovintiv Inc. (NYSE:OVV) Target Price at $64.32

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average recommendation of “Moderate Buy” from the twenty-two analysts that are covering the stock, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation, fifteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $64.3684.

Several brokerages have recently commented on OVV. Mizuho boosted their price target on Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Bank of America lifted their price objective on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Barclays upped their target price on Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Citigroup reiterated a “neutral” rating and issued a $62.00 price objective (up from $52.00) on shares of Ovintiv in a research report on Monday, March 30th. Finally, Weiss Ratings cut shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research note on Tuesday, May 12th.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BCS Private Wealth Management Inc. purchased a new position in Ovintiv during the fourth quarter worth about $976,000. UBS Group AG grew its holdings in Ovintiv by 8.3% in the 4th quarter. UBS Group AG now owns 997,177 shares of the company’s stock valued at $39,079,000 after buying an additional 76,846 shares during the period. TrueMark Investments LLC acquired a new position in shares of Ovintiv during the 4th quarter valued at about $889,000. Intech Investment Management LLC purchased a new stake in Ovintiv in the fourth quarter valued at approximately $5,045,000. Finally, Hillsdale Investment Management Inc. increased its position in Ovintiv by 317.3% during the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock worth $7,373,000 after purchasing an additional 142,800 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of NYSE:OVV traded up $0.42 on Tuesday, reaching $55.47. 1,492,236 shares of the company were exchanged, compared to its average volume of 2,933,188. The company has a 50-day moving average of $56.54 and a 200-day moving average of $51.72. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48. The firm has a market cap of $15.59 billion, a price-to-earnings ratio of 17.89 and a beta of 0.53. Ovintiv has a 1-year low of $35.47 and a 1-year high of $63.46.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Monday, June 15th. Ovintiv’s dividend payout ratio (DPR) is currently 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.