Ovintiv (NYSE:OVV) Reaches New 1-Year Low at $38.99

Shares of Ovintiv Inc. (NYSE:OVV) hit a new 52-week low during trading on Monday . The company traded as low as $38.99 and last traded at $39.64, with a volume of 114876 shares changing hands. The stock had previously closed at $41.59.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on OVV shares. Wolfe Research assumed coverage on shares of Ovintiv in a research note on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. Mizuho lifted their target price on shares of Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a report on Monday, May 13th. Scotiabank upped their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. TD Cowen lifted their price objective on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, Truist Financial increased their target price on Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $61.06.

Ovintiv Stock Down 3.4 %

The company has a market capitalization of $10.72 billion, a PE ratio of 5.61, a price-to-earnings-growth ratio of 7.30 and a beta of 2.63. The company’s fifty day moving average is $47.16 and its 200-day moving average is $48.20. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.52 and a current ratio of 0.44.

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 analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.58 billion. As a group, analysts predict that Ovintiv Inc. will post 5.69 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Insider Activity at Ovintiv

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

Institutional Trading of Ovintiv

Institutional investors have recently bought and sold shares of the stock. American National Bank purchased a new position in shares of Ovintiv during the 1st quarter worth about $27,000. Avalon Trust Co purchased a new position in shares of Ovintiv during the fourth quarter valued at approximately $34,000. Innealta Capital LLC bought a new position in shares of Ovintiv during the second quarter valued at approximately $39,000. Geneos Wealth Management Inc. lifted its stake in shares of 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 acquiring an additional 300 shares during the last quarter. Finally, Creekmur Asset Management LLC bought a new stake in shares of Ovintiv during the 4th quarter worth approximately $68,000. 83.81% of the stock is currently owned by institutional investors.

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.