Barclays Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVVFree Report) had its price objective lifted by Barclays from $57.00 to $59.00 in a report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities research analysts have also recently weighed in on OVV. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $55.00 to $54.00 in a research note on Monday, January 13th. UBS Group reduced their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Citigroup lowered their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Scotiabank upped their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company lowered their price target on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

Check Out Our Latest Report on OVV

Ovintiv Price Performance

Shares of NYSE:OVV opened at $42.25 on Thursday. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95. The firm has a market capitalization of $11.00 billion, a P/E ratio of 5.60 and a beta of 2.63. 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’s fifty day moving average price is $42.45 and its 200 day moving average price is $42.31.

Ovintiv (NYSE:OVVGet Free Report) last posted its earnings results on Thursday, November 7th. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.76. The business had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. During the same quarter in the previous year, the firm earned $1.74 earnings per share. As a group, sell-side analysts predict that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Creative Planning raised its holdings in Ovintiv by 10.8% during the second quarter. Creative Planning now owns 32,041 shares of the company’s stock worth $1,502,000 after purchasing an additional 3,133 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Ovintiv by 21.5% in the 2nd quarter. NewEdge Advisors LLC now owns 27,293 shares of the company’s stock worth $1,279,000 after buying an additional 4,827 shares in the last quarter. Cetera Investment Advisers grew its stake in Ovintiv by 1.0% in the 2nd quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock valued at $1,756,000 after acquiring an additional 353 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Ovintiv during the 2nd quarter valued at about $302,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Ovintiv during the second quarter worth about $164,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

About Ovintiv

(Get Free Report)

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.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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