Jefferies Financial Group Boosts Ovintiv (NYSE:OVV) Price Target to $69.00

Ovintiv (NYSE:OVV) had its target price increased by Jefferies Financial Group from $59.00 to $69.00 in a report published on Friday morning, Benzinga reports. Jefferies Financial Group currently has a buy rating on the stock.

OVV has been the subject of a number of other reports. Morgan Stanley boosted their target price on shares of Ovintiv from $48.00 to $49.00 and gave the stock an equal weight rating in a report on Thursday, March 28th. Scotiabank decreased their price objective on shares of Ovintiv from $53.00 to $50.00 and set an outperform rating for the company in a research note on Tuesday, January 16th. Barclays assumed coverage on shares of Ovintiv in a research report on Wednesday, April 10th. They set an overweight rating and a $69.00 target price for the company. Royal Bank of Canada increased their price target on Ovintiv from $48.00 to $49.00 and gave the stock a sector perform rating in a research report on Thursday, February 29th. Finally, Mizuho reissued a buy rating and issued a $58.00 price objective on shares of Ovintiv in a report on Thursday, April 4th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of Moderate Buy and a consensus price target of $56.47.

Ovintiv Stock Down 2.0 %

Shares of Ovintiv stock opened at $53.74 on Friday. Ovintiv has a 1 year low of $32.07 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. The stock has a market cap of $14.45 billion, a price-to-earnings ratio of 6.81 and a beta of 2.65. The firm’s 50-day moving average is $48.98 and its two-hundred day moving average is $46.22.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. As a group, research analysts expect that Ovintiv will post 6.25 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.23%. The ex-dividend date was Thursday, March 14th. Ovintiv’s payout ratio is 15.21%.

Insider Activity

In related news, EVP Rachel Maureen Moore sold 9,300 shares of the company’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares in the company, valued at approximately $2,662,012.05. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the sale, the director now owns 36,840 shares of the company’s stock, valued at $1,862,630.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Rachel Maureen Moore sold 9,300 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the sale, the executive vice president now owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The disclosure for this sale can be found here. Insiders have sold a total of 91,564 shares of company stock worth $4,660,818 over the last 90 days. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Ovintiv

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Ovintiv by 10.1% in the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after purchasing an additional 2,484,554 shares during the last quarter. FMR LLC grew its holdings in shares of Ovintiv by 2.3% in the third quarter. FMR LLC now owns 22,877,626 shares of the company’s stock valued at $1,088,289,000 after purchasing an additional 507,562 shares during the period. State Street Corp increased its position in Ovintiv by 38.8% during the second quarter. State Street Corp now owns 9,748,971 shares of the company’s stock worth $371,143,000 after purchasing an additional 2,724,998 shares during the last quarter. Smead Capital Management Inc. raised its stake in Ovintiv by 2.5% during the third quarter. Smead Capital Management Inc. now owns 5,524,515 shares of the company’s stock worth $262,801,000 after purchasing an additional 136,016 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in shares of Ovintiv by 63.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock valued at $213,604,000 after buying an additional 1,530,397 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.