Ovintiv (NYSE:OVV) Price Target Raised to $83.00

Ovintiv (NYSE:OVV) had its price objective raised by National Bank Financial from $82.00 to $83.00 in a research note released on Wednesday morning,BayStreet.CA reports. National Bank Financial currently has an outperform rating on the stock.

Several other equities analysts also recently issued reports on OVV. UBS Group reduced their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Roth Capital increased their price objective on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Wall Street Zen downgraded shares of Ovintiv from a “buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Morgan Stanley reduced their target price on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a research note on Monday, June 29th. Finally, Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $64.37.

Ovintiv Price Performance

Shares of OVV opened at $55.47 on Wednesday. The company has a market cap of $15.59 billion, a P/E ratio of 17.89 and a beta of 0.53. The stock has a fifty day moving average price of $56.54 and a 200 day moving average price of $51.72. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. Ovintiv has a 12 month low of $35.47 and a 12 month high of $63.46.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. Ovintiv’s dividend payout ratio is presently 38.71%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. PensionDanmark Pensionsforsikringsaktieselskab bought a new stake in shares of Ovintiv during the second quarter valued at about $4,738,000. Foster Group Inc. grew its position in Ovintiv by 14.8% in the 2nd quarter. Foster Group Inc. now owns 85,620 shares of the company’s stock valued at $4,508,000 after buying an additional 11,037 shares in the last quarter. GAMMA Investing LLC increased its stake in Ovintiv by 11.6% during the 2nd quarter. GAMMA Investing LLC now owns 12,905 shares of the company’s stock valued at $679,000 after buying an additional 1,345 shares during the period. CX Institutional increased its stake in Ovintiv by 1.0% during the 2nd quarter. CX Institutional now owns 28,363 shares of the company’s stock valued at $1,493,000 after buying an additional 276 shares during the period. Finally, Rathbones Group PLC bought a new stake in shares of Ovintiv during the 1st quarter worth about $330,000. 83.81% of the stock is owned by institutional investors and hedge funds.

About Ovintiv

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.