Bank of America Reaffirms “Neutral” Rating for Ovintiv (NYSE:OVV)

Bank of America reiterated their neutral rating on shares of Ovintiv (NYSE:OVV) in a research report released on Friday, Benzinga reports. Bank of America currently has a $55.00 price target on the stock.

A number of other analysts have also commented on the company. Morgan Stanley lifted their target price on Ovintiv from $49.00 to $53.00 and gave the stock an equal weight rating in a report on Monday, April 15th. Barclays started coverage on Ovintiv in a report on Wednesday, April 10th. They issued an overweight rating and a $69.00 target price for the company. Jefferies Financial Group raised their price target on Ovintiv from $59.00 to $69.00 and gave the stock a buy rating in a research note on Friday, April 12th. TD Cowen raised their price target on Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research note on Monday, June 10th. Finally, Mizuho raised their price target on Ovintiv from $58.00 to $64.00 and gave the stock a buy rating in a research note on Monday, May 13th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of Moderate Buy and a consensus target price of $58.65.

Ovintiv Stock Down 2.2 %

Ovintiv stock opened at $45.81 on Friday. The firm has a market cap of $12.23 billion, a price-to-earnings ratio of 6.40 and a beta of 2.58. The stock has a fifty day simple moving average of $50.68 and a two-hundred day simple moving average of $47.28. Ovintiv has a 12 month low of $34.50 and a 12 month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. Equities analysts predict that Ovintiv will post 6.15 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.20 annualized dividend and a yield of 2.62%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Insider Activity at Ovintiv

In related news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction dated Monday, May 13th. The shares were 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 $446,450. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently made changes to their positions in OVV. Quent Capital LLC increased its holdings in shares of Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares during the last quarter. American National Bank bought a new stake in shares of Ovintiv in the first quarter worth about $27,000. Loomis Sayles & Co. L P increased its holdings in shares of Ovintiv by 107.6% in the third quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock worth $31,000 after purchasing an additional 341 shares during the last quarter. Avalon Trust Co bought a new stake in shares of Ovintiv in the fourth quarter worth about $34,000. Finally, Pacifica Partners Inc. bought a new stake in shares of Ovintiv in the fourth quarter worth about $37,000. 83.81% of the stock is owned by institutional investors.

About Ovintiv

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.