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

Key Points

• Analysts maintain a bullish outlook: Ovintiv has a “Moderate Buy” consensus from 23 analysts, with 19 buys, three holds and one strong buy. The average 12-month price target is $68.75, above the reported share price of $62.41.
• Institutional ownership remains substantial: Hedge funds and other institutional investors own 83.81% of Ovintiv, with several firms increasing their positions. An executive vice president sold 7,753 shares, while insiders collectively own 0.85% of the company.
• Ovintiv announced a quarterly dividend of $0.30 per share, equivalent to a $1.20 annualized payout and a 1.9% yield. In its latest quarter, the company reported revenue of $3.01 billion but missed the consensus EPS estimate, earning $1.74 versus $1.94 expected.

Ovintiv Inc. (NYSE:OVV - Get Free Report) has received an average rating of "Moderate Buy" from the twenty-three analysts that are covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $68.75.

Several brokerages recently weighed in on OVV. 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 report on Wednesday, June 24th. National Bank Financial increased their price objective on Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 8th. Royal Bank Of Canada raised their price objective on Ovintiv from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Wells Fargo & Company lifted their price objective on shares of Ovintiv from $78.00 to $79.00 and gave the stock an "overweight" rating in a report on Wednesday, September 2nd. Finally, Weiss Ratings upgraded shares of Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday, July 28th.

Insider Buying and Selling

In related news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares in the company, valued at approximately $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.85% of the company's stock.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently modified their holdings of OVV. Core Capital Management & Research inc. bought a new position in Ovintiv in the 2nd quarter worth approximately $4,716,000. Sequoia Financial Advisors LLC lifted its holdings in Ovintiv by 18.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 33,268 shares of the company's stock worth $1,752,000 after purchasing an additional 5,160 shares in the last quarter. Tidal Investments LLC boosted its stake in Ovintiv by 376.4% in the 2nd quarter. Tidal Investments LLC now owns 162,405 shares of the company's stock worth $8,550,000 after purchasing an additional 128,312 shares during the period. Integrated Wealth Concepts LLC grew its holdings in Ovintiv by 5.0% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 5,460 shares of the company's stock valued at $287,000 after buying an additional 260 shares in the last quarter. Finally, NewEdge Advisors LLC grew its holdings in Ovintiv by 40.7% during the 2nd quarter. NewEdge Advisors LLC now owns 86,982 shares of the company's stock valued at $4,580,000 after buying an additional 25,153 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $62.41 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv has a twelve month low of $35.47 and a twelve month high of $67.51. The stock's 50 day moving average is $62.59 and its 200-day moving average is $58.61. The firm has a market capitalization of $17.20 billion, a price-to-earnings ratio of 17.63 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Sell-side analysts forecast that Ovintiv will post 7.3 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given 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 dividend yield of 1.9%. Ovintiv's dividend payout ratio (DPR) is currently 33.90%.

Ovintiv Company Profile

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company's principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta's Montney and Duvernay formations.

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