Truist Financial Trims Ovintiv (NYSE:OVV) Target Price to $60.00

Ovintiv (NYSE:OVV) had its price objective decreased by Truist Financial from $68.00 to $60.00 in a research note published on Monday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other research analysts also recently issued reports about the stock. TD Cowen lifted their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research report on Monday, June 10th. Evercore ISI reissued an outperform rating and set a $60.00 target price on shares of Ovintiv in a research note on Wednesday, July 10th. The Goldman Sachs Group raised their target price on Ovintiv from $47.00 to $56.00 and gave the stock a neutral rating in a research report on Tuesday, March 26th. Jefferies Financial Group upped their price target on Ovintiv from $59.00 to $69.00 and gave the company a buy rating in a research report on Friday, April 12th. Finally, Bank of America restated a neutral rating and set a $55.00 price objective on shares of Ovintiv in a research report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $60.33.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $45.85 on Monday. Ovintiv has a 1 year low of $39.68 and a 1 year high of $55.95. The firm has a market cap of $12.24 billion, a P/E ratio of 6.40, a PEG ratio of 7.49 and a beta of 2.63. The stock has a fifty day moving average price of $47.65 and a two-hundred day moving average price of $47.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping 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 company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Research analysts forecast that Ovintiv will post 5.7 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.62%. The ex-dividend date of this dividend was Friday, June 14th. Ovintiv’s dividend payout ratio is 16.76%.

Insiders Place Their Bets

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

Institutional Trading of Ovintiv

A number of institutional investors and hedge funds have recently modified their holdings of OVV. GAMMA Investing LLC increased its stake in Ovintiv by 7.5% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after purchasing an additional 220 shares in the last quarter. Blue Trust Inc. increased its stake in Ovintiv by 20.5% during the 4th quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after purchasing an additional 284 shares in the last quarter. Covestor Ltd boosted its stake in Ovintiv by 23.1% in the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares during the period. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in shares of Ovintiv by 20.3% in the 4th quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock valued at $85,000 after purchasing an additional 328 shares during the period. 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.