Ovintiv Inc. (NYSE:OVV) Stock Has Average Price Target of $74.33 According to Analysts

Key Points

• Analyst sentiment is broadly positive: Ovintiv has a “Moderate Buy” consensus among 24 analysts, with 19 buy and two strong-buy ratings. The average 12-month price target is $74.33.
• Recent analyst actions included RBC raising its target to $90 and Citigroup increasing its target to $68; UBS maintained a buy rating with an $85 target.
• Ovintiv announced a quarterly dividend of $0.30 per share, or $1.20 annualized, representing a yield of about 2.0%.

Ovintiv Inc. (NYSE:OVV - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the twenty-four ratings firms that are covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, nineteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $74.33.

Several equities research analysts have commented on the stock. Royal Bank Of Canada boosted their target price on shares of Ovintiv from $85.00 to $90.00 and gave the stock an "outperform" rating in a research report on Tuesday, October 13th. Seaport Research Partners assumed coverage on shares of Ovintiv in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. Citigroup raised their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research note on Wednesday, July 29th. Wall Street Zen cut shares of Ovintiv from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, UBS Group reissued a "buy" rating and set a $85.00 price objective on shares of Ovintiv in a report on Monday, September 14th.

Ovintiv Stock Up 0.1%

Ovintiv stock opened at $60.55 on Monday. The stock's 50 day moving average price is $64.82 and its 200 day moving average price is $58.02. Ovintiv has a 1-year low of $36.81 and a 1-year high of $73.61. The company has a market cap of $16.27 billion, a PE ratio of 12.21 and a beta of 0.57. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.84 and a quick ratio of 0.84.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv's dividend payout ratio (DPR) is 24.19%.

Insider Activity

In other news, EVP Rachel Moore sold 7,753 shares of the business's stock in a transaction that occurred 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 owned 72,530 shares of the company's stock, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.85% of the company's stock.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the company. Allworth Financial LP boosted its stake in shares of Ovintiv by 6.7% in the third quarter. Allworth Financial LP now owns 3,537 shares of the company's stock valued at $186,000 after purchasing an additional 221 shares during the period. Eurizon Capital SGR S.p.A. grew its holdings in Ovintiv by 289.3% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company's stock valued at $60,000 after purchasing an additional 755 shares in the last quarter. Maryland State Retirement & Pension System increased its stake in Ovintiv by 12.6% during the 3rd quarter. Maryland State Retirement & Pension System now owns 16,271 shares of the company's stock worth $941,000 after buying an additional 1,815 shares during the period. Ritholtz Wealth Management increased its stake in Ovintiv by 105.9% during the 3rd quarter. Ritholtz Wealth Management now owns 36,382 shares of the company's stock worth $2,104,000 after buying an additional 18,716 shares during the period. Finally, Machina Capital S.A.S. acquired a new position in Ovintiv in the 3rd quarter worth $559,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

About Ovintiv

Ovintiv Inc is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products.

The company's principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.

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