Analysts Set Ovintiv Inc. (NYSE:OVV) Target Price at $58.65

Shares of Ovintiv Inc. (NYSE:OVVGet Free Report) have been assigned a consensus recommendation of “Moderate Buy” from the sixteen research firms that are covering the company, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $58.65.

Several brokerages recently weighed in on OVV. Royal Bank of Canada boosted their target price on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. Bank of America reissued a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a research note on Friday, June 14th. Mizuho boosted their target price on shares of Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Barclays initiated coverage on shares of Ovintiv in a research note on Wednesday, April 10th. They set an “overweight” rating and a $69.00 price objective for the company. Finally, Jefferies Financial Group upped their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a research note on Friday, April 12th.

Read Our Latest Stock Report on OVV

Ovintiv Trading Down 1.2 %

NYSE:OVV opened at $46.05 on Monday. The company has a market capitalization of $12.29 billion, a PE ratio of 6.43 and a beta of 2.58. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. Ovintiv has a 52-week low of $34.50 and a 52-week high of $55.95. The stock has a fifty day simple moving average of $49.78 and a 200-day simple moving average of $47.30.

Ovintiv (NYSE:OVVGet Free Report) last announced its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. On average, equities research analysts expect that Ovintiv will post 6.11 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Friday, June 14th. Ovintiv’s payout ratio is currently 16.76%.

Insider Transactions at Ovintiv

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the transaction, the director now owns 8,929 shares in the company, valued at approximately $446,450. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the transaction, the director now owns 8,929 shares in the company, valued at approximately $446,450. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 shares during the last quarter. FMR LLC boosted its stake in shares of Ovintiv by 2.3% during the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company’s stock valued at $1,088,289,000 after buying an additional 507,562 shares during the last quarter. Smead Capital Management Inc. boosted its stake in shares of Ovintiv by 2.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,524,515 shares of the company’s stock valued at $262,801,000 after buying an additional 136,016 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Ovintiv by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock valued at $115,937,000 after buying an additional 168,320 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Ovintiv by 4.5% during the 3rd quarter. Northern Trust Corp now owns 2,069,043 shares of the company’s stock valued at $98,424,000 after buying an additional 89,753 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Ovintiv

(Get Free Report

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.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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