Ovintiv Inc. (NYSE:OVV) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average recommendation of “Moderate Buy” from the eighteen brokerages that are presently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $56.47.

A number of brokerages recently commented on OVV. Wells Fargo & Company lowered their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. JPMorgan Chase & Co. dropped their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Morgan Stanley dropped their price target on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Truist Financial boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 15th.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently made changes to their positions in the business. True Wealth Design LLC increased its position in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after acquiring an additional 636 shares during the period. Innealta Capital LLC purchased a new position in shares of Ovintiv in the 2nd quarter valued at approximately $39,000. UMB Bank n.a. increased its holdings in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the period. Transamerica Financial Advisors Inc. purchased a new stake in shares of Ovintiv during the third quarter worth approximately $65,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Ovintiv during the second quarter worth $69,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Trading Down 1.9 %

NYSE OVV opened at $40.51 on Monday. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The firm has a 50 day moving average of $42.32 and a two-hundred day moving average of $43.55. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $10.55 billion, a PE ratio of 5.37 and a beta of 2.63.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. Ovintiv’s dividend payout ratio is presently 15.92%.

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.