Ovintiv Inc. (NYSE:OVV) Receives Average Recommendation of “Buy” from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average rating of “Buy” from the twenty-four research firms that are presently covering the company, Marketbeat reports. Four analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $33.29.

OVV has been the topic of a number of research reports. TheStreet raised shares of Ovintiv from a “d” rating to a “c-” rating in a research note on Monday, August 2nd. raised shares of Ovintiv from a “neutral” rating to a “buy” rating and raised their target price for the company from $34.00 to $43.00 in a research note on Friday, June 25th. Credit Suisse Group raised shares of Ovintiv from a “neutral” rating to an “outperform” rating and raised their target price for the company from $29.00 to $38.00 in a research note on Monday, July 19th. National Bankshares cut their target price on shares of Ovintiv from $41.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, July 30th. Finally, National Bank Financial cut their target price on shares of Ovintiv from $41.00 to $38.00 and set an “outperform” rating on the stock in a research note on Friday, July 30th.

In related news, Director Katherine Lucas Minyard acquired 5,130 shares of the firm’s stock in a transaction on Thursday, August 5th. The stock was bought at an average cost of $25.51 per share, with a total value of $130,866.30. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 1.70% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. boosted its holdings in shares of Ovintiv by 51.3% in the 2nd quarter. Hillsdale Investment Management Inc. now owns 643,050 shares of the company’s stock valued at $20,253,000 after buying an additional 218,150 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Ovintiv by 2.7% in the 1st quarter. Van ECK Associates Corp now owns 22,354 shares of the company’s stock valued at $532,000 after buying an additional 583 shares during the period. Corient Capital Partners LLC acquired a new position in shares of Ovintiv in the 1st quarter valued at about $339,000. Geode Capital Management LLC boosted its holdings in shares of Ovintiv by 8.1% in the 1st quarter. Geode Capital Management LLC now owns 4,175,631 shares of the company’s stock valued at $99,463,000 after buying an additional 311,305 shares during the period. Finally, Kore Private Wealth LLC acquired a new position in shares of Ovintiv in the 1st quarter valued at about $274,000. 70.06% of the stock is owned by institutional investors and hedge funds.

NYSE:OVV opened at $28.18 on Tuesday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 1.22. The company has a market cap of $7.36 billion, a P/E ratio of -3.59 and a beta of 3.92. Ovintiv has a fifty-two week low of $6.81 and a fifty-two week high of $33.46. The firm’s 50 day moving average is $26.57 and its two-hundred day moving average is $26.80.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 27th. The company reported $1.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.36. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.81 billion. Ovintiv had a negative net margin of 32.51% and a positive return on equity of 18.65%. Research analysts forecast that Ovintiv will post 4.76 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 15th will be issued a dividend of $0.14 per share. This is a positive change from Ovintiv’s previous quarterly dividend of $0.09. This represents a $0.56 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Tuesday, September 14th. Ovintiv’s dividend payout ratio (DPR) is currently 160.00%.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's 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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