Ovintiv (NYSE:OVV) Price Target Raised to $11.00

Ovintiv (NYSE:OVV) had its price objective lifted by TD Securities from $9.00 to $11.00 in a report released on Wednesday morning, BayStreet.CA reports. They currently have a hold rating on the stock.

A number of other brokerages have also weighed in on OVV. Wolfe Research upgraded shares of Ovintiv from an underperform rating to a peer perform rating and increased their target price for the stock from $6.50 to $11.50 in a research report on Wednesday, July 15th. National Bank Financial raised their price objective on shares of Ovintiv from $7.00 to $14.00 and gave the stock an outperform rating in a report on Wednesday, June 24th. MKM Partners lowered their target price on shares of Ovintiv from $13.00 to $12.00 and set a buy rating on the stock in a report on Thursday, May 21st. Eight Capital downgraded Ovintiv from a neutral rating to a sell rating in a research report on Tuesday, April 28th. Finally, BMO Capital Markets upgraded Ovintiv from a market perform rating to an outperform rating and lifted their price target for the company from $6.50 to $13.00 in a research report on Monday, June 29th. Two research analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $12.89.

Shares of OVV stock opened at $9.69 on Wednesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of 7.88 and a beta of 4.00. The business’s 50 day moving average is $9.97. Ovintiv has a 12-month low of $2.10 and a 12-month high of $28.75.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.41) by ($0.02). The firm had revenue of $726.00 million during the quarter, compared to analysts’ expectations of $1.28 billion. Ovintiv had a positive return on equity of 3.21% and a negative net margin of 56.12%. Equities research analysts anticipate that Ovintiv will post -0.12 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.094 per share. This represents a $0.38 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Monday, September 14th. Ovintiv’s payout ratio is 11.55%.

Several institutional investors and hedge funds have recently bought and sold shares of OVV. International Assets Investment Management LLC purchased a new position in shares of Ovintiv during the 2nd quarter valued at about $98,000. AXA bought a new position in shares of Ovintiv in the first quarter worth approximately $28,000. Guggenheim Capital LLC purchased a new stake in shares of Ovintiv in the first quarter worth $31,000. Modus Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter worth $33,000. Finally, Ensign Peak Advisors Inc bought a new stake in shares of Ovintiv during the 1st quarter valued at $37,000. 55.72% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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