Ovintiv (NYSE:OVV) Given New $56.00 Price Target at UBS Group

Ovintiv (NYSE:OVV) had its target price lowered by UBS Group from $59.00 to $56.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Truist Financial lifted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Scotiabank raised their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Wells Fargo & Company dropped their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, Evercore ISI reduced their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.47.

Ovintiv Stock Performance

NYSE OVV opened at $42.28 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company has a fifty day moving average price of $42.40 and a 200-day moving average price of $43.71. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The firm has a market cap of $11.01 billion, a price-to-earnings ratio of 5.48 and a beta of 2.63.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. Ovintiv’s payout ratio is currently 15.92%.

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the business. Hotchkis & Wiley Capital Management LLC raised its stake in Ovintiv by 17.2% in 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 purchasing an additional 1,207,610 shares in the last quarter. Pacer Advisors Inc. raised its position in 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 purchasing an additional 6,486,159 shares during the period. Smead Capital Management Inc. lifted its stake in Ovintiv by 3.5% in the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after purchasing an additional 212,535 shares during the last quarter. Geode Capital Management LLC boosted its position in Ovintiv by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after buying an additional 205,409 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after buying an additional 142,296 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.