Ovintiv Inc. (NYSE:OVV) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts broadly favor Ovintiv: Twenty-two analysts give the stock a consensus “Moderate Buy” rating, with an average 1-year price target of $66.89.
• Ovintiv shares opened at $64.47, near their 12-month high of $67.44. The company reported quarterly EPS of $1.74, below the $1.94 consensus estimate, but revenue of $3.01 billion exceeded expectations.
• Shareholders will receive a quarterly dividend of $0.30 per share, equivalent to a $1.20 annualized payout and a 1.9% yield; institutional investors and hedge funds own 83.81% of the stock.

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have earned a consensus recommendation of "Moderate Buy" from the twenty-two analysts that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $66.8947.

A number of equities research analysts have weighed in on the stock. Stephens reissued a "positive" rating and set a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. Barclays upped their price target on shares of Ovintiv from $68.00 to $75.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Roth Capital raised their price target on shares of Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a research note on Wednesday, June 24th. Royal Bank Of Canada lifted their price target on shares of Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Finally, UBS Group boosted their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th.

Ovintiv Stock Performance

Shares of OVV stock opened at $64.47 on Wednesday. The business's 50-day moving average price is $58.59 and its 200-day moving average price is $56.58. Ovintiv has a 12 month low of $35.47 and a 12 month high of $67.44. The firm has a market capitalization of $17.76 billion, a price-to-earnings ratio of 18.21 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Equities research analysts forecast that Ovintiv will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv's payout ratio is presently 33.90%.

Insider Activity at Ovintiv

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the company's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.85% of the company's stock.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in OVV. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Ovintiv in the second quarter worth approximately $3,462,000. California State Teachers Retirement System increased its position in Ovintiv by 5,195.6% during the 2nd quarter. California State Teachers Retirement System now owns 17,347,859 shares of the company's stock valued at $913,365,000 after purchasing an additional 17,020,269 shares during the period. Readystate Asset Management LP acquired a new stake in Ovintiv during the 2nd quarter valued at approximately $11,469,000. HB Wealth Management LLC raised its holdings in Ovintiv by 4.7% during the 2nd quarter. HB Wealth Management LLC now owns 14,911 shares of the company's stock worth $785,000 after purchasing an additional 670 shares during the last quarter. Finally, Markowski Investments bought a new position in Ovintiv during the 2nd quarter worth approximately $39,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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