Mizuho Has Lowered Expectations for Ovintiv (NYSE:OVV) Stock Price

Key Points

• Mizuho has reduced Ovintiv's price target from $58.00 to $50.00, suggesting a potential upside of 23.31% based on the stock's previous close.
• Ovintiv's stock has recently shown a decline of 2.4%, trading at $40.55, with notable price movements along its moving averages.
• Institutional investors hold a significant stake in Ovintiv, with hedge funds owning 83.81% of the company's stock as of recent reports.

Ovintiv (NYSE:OVV - Free Report) had its price objective cut by Mizuho from $58.00 to $50.00 in a report published on Monday,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities research analysts also recently commented on the stock. Morgan Stanley set a $48.00 target price on shares of Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and upped their price objective for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. UBS Group upped their price objective on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Scotiabank increased their price target on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company lowered their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $52.53.

Ovintiv Trading Down 1.9%

Shares of OVV traded down $0.79 on Monday, reaching $41.21. 5,143,303 shares of the company's stock were exchanged, compared to its average volume of 3,500,351. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $10.59 billion, a P/E ratio of 18.23, a price-to-earnings-growth ratio of 5.39 and a beta of 1.08. The business has a 50 day moving average price of $40.75 and a two-hundred day moving average price of $38.82. Ovintiv has a 12 month low of $29.80 and a 12 month high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. Research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv's dividend payout ratio (DPR) is presently 53.10%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of OVV. Charles Schwab Investment Management Inc. grew its stake in Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after purchasing an additional 7,344,796 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after buying an additional 2,288,989 shares in the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company's stock valued at $142,278,000 after buying an additional 2,205,233 shares in the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in shares of Ovintiv in the first quarter valued at $56,865,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Ovintiv in the 2nd quarter valued at about $41,701,000. 83.81% of the stock is currently owned by institutional investors.

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.