Ovintiv (NYSE:OVV) Stock Price Expected to Rise, UBS Group Analyst Says

Ovintiv (NYSE:OVV) had its price target raised by UBS Group from $57.00 to $59.00 in a research report report published on Monday,Benzinga reports. UBS Group currently has a buy rating on the stock.

OVV has been the topic of a number of other research reports. Mizuho decreased their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Wells Fargo & Company dropped their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Morgan Stanley cut their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Royal Bank of Canada lowered their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Finally, Truist Financial increased their target price on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Stock Performance

Shares of OVV opened at $46.59 on Monday. The business has a 50-day simple moving average of $41.22 and a two-hundred day simple moving average of $44.34. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The stock has a market cap of $12.13 billion, a price-to-earnings ratio of 6.18 and a beta of 2.62.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.58%. Ovintiv’s payout ratio is currently 15.92%.

Institutional Investors Weigh In On Ovintiv

Large investors have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its holdings in shares of Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC raised its position in Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the period. Assenagon Asset Management S.A. lifted its stake in Ovintiv by 7,422.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after purchasing an additional 1,340,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 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.