Ovintiv (NYSE:OVV) Hits New 52-Week High at $52.18

Ovintiv Inc. (NYSE:OVV - Get Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $52.18 and last traded at $51.80, with a volume of 134619 shares. The stock had previously closed at $51.90.

Analyst Ratings Changes

OVV has been the subject of several recent analyst reports. Mizuho reduced their target price on shares of Ovintiv from $59.00 to $58.00 and set a "buy" rating for the company in a research note on Friday, March 22nd. The Goldman Sachs Group upped their target price on shares of Ovintiv from $47.00 to $56.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 26th. Wells Fargo & Company reduced their target price on shares of Ovintiv from $46.00 to $44.00 and set an "equal weight" rating for the company in a research note on Wednesday, January 17th. Scotiabank decreased their price objective on shares of Ovintiv from $53.00 to $50.00 and set an "outperform" rating for the company in a report on Tuesday, January 16th. Finally, JPMorgan Chase & Co. upgraded shares of Ovintiv from a "neutral" rating to an "overweight" rating and decreased their price objective for the stock from $61.00 to $58.00 in a report on Wednesday, December 6th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $53.94.

Ovintiv Price Performance

The stock has a market cap of $14.01 billion, a PE ratio of 6.60 and a beta of 2.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. The firm's 50 day moving average price is $46.79 and its two-hundred day moving average price is $45.72.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.41. The firm had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. On average, research analysts expect that Ovintiv Inc. will post 5.95 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.30%. Ovintiv's dividend payout ratio (DPR) is currently 15.21%.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 9,300 shares of the firm's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the transaction, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Rachel Maureen Moore sold 9,300 shares of the firm's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the transaction, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the firm's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the transaction, the executive vice president now owns 23,672 shares of the company's stock, valued at $1,206,325.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,564 shares of company stock worth $4,660,818. 0.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently bought and sold shares of OVV. EnCap Energy Capital Fund XI L.P. bought a new stake in Ovintiv during the second quarter valued at approximately $559,852,000. EnCap Energy Capital Fund X L.P. bought a new stake in Ovintiv during the second quarter valued at approximately $380,527,000. BlackRock Inc. lifted its position in Ovintiv by 52.6% during the second quarter. BlackRock Inc. now owns 26,756,052 shares of the company's stock valued at $1,018,603,000 after purchasing an additional 9,221,114 shares during the last quarter. EnCap Energy Capital Fund IX L.P. bought a new stake in Ovintiv during the second quarter valued at approximately $269,394,000. Finally, State Street Corp raised its stake in shares of Ovintiv by 38.8% during the second quarter. State Street Corp now owns 9,748,971 shares of the company's stock worth $371,143,000 after acquiring an additional 2,724,998 shares in the last quarter. 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.