Ovintiv Inc. (NYSE:OVV) Given Average Rating of “Moderate Buy” by Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have earned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $56.71.

A number of equities research analysts have commented on OVV shares. National Bankshares reduced their target price on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, January 10th. Citigroup raised their target price on Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a report on Monday, March 18th. Barclays started coverage on Ovintiv in a report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 target price for the company. The Goldman Sachs Group raised their target price on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Finally, Mizuho reissued a “buy” rating and issued a $58.00 target price on shares of Ovintiv in a report on Thursday, April 4th.

Insider Activity at Ovintiv

In related news, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv 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 in the company, valued at approximately $1,206,325.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the sale, the director now owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,564 shares of company stock valued at $4,660,818. 1.70% of the stock is owned by insiders.

Institutional Trading of Ovintiv

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LifePro Asset Management purchased a new stake in Ovintiv in the 1st quarter valued at about $3,781,000. New York State Teachers Retirement System grew its holdings in Ovintiv by 1.0% in the 1st quarter. New York State Teachers Retirement System now owns 233,490 shares of the company’s stock valued at $12,118,000 after buying an additional 2,206 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Ovintiv by 11.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 101,478 shares of the company’s stock worth $5,267,000 after purchasing an additional 10,095 shares during the period. Simplicity Wealth LLC purchased a new stake in shares of Ovintiv during the 1st quarter worth about $214,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Ovintiv by 586.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 115,270 shares of the company’s stock worth $5,983,000 after purchasing an additional 98,488 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $53.26 on Friday. The firm’s fifty day moving average price is $50.99 and its 200 day moving average price is $46.64. Ovintiv has a 1-year low of $32.07 and a 1-year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a market cap of $14.32 billion, a price-to-earnings ratio of 6.75 and a beta of 2.65.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. On average, sell-side analysts expect that Ovintiv will post 6.13 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Thursday, March 14th. Ovintiv’s payout ratio is 15.21%.

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.