Ovintiv (NYSE:OVV) Reaches New 1-Year High at $55.53

Ovintiv Inc. (NYSE:OVV - Get Free Report)'s stock price reached a new 52-week high on Monday . The company traded as high as $55.53 and last traded at $54.77, with a volume of 76828 shares changing hands. The stock had previously closed at $55.27.

Analyst Ratings Changes

OVV has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on shares of Ovintiv from $48.00 to $49.00 and gave the company an "equal weight" rating in a report on Thursday, March 28th. The Goldman Sachs Group increased their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the company a "neutral" rating in a research report on Tuesday, March 26th. Royal Bank of Canada increased their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the company a "sector perform" rating in a research report on Thursday, February 29th. Wells Fargo & Company decreased their price objective on shares of Ovintiv from $46.00 to $44.00 and set an "equal weight" rating for the company in a research report on Wednesday, January 17th. Finally, 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 research report on Tuesday, January 16th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Ovintiv currently has a consensus rating of "Moderate Buy" and a consensus price target of $54.00.

Ovintiv Stock Performance

The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $14.89 billion, a PE ratio of 7.02 and a beta of 2.65. The firm's fifty day moving average price is $47.97 and its two-hundred day moving average price is $46.00.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The firm had revenue of $3.17 billion for the quarter, compared to analysts' expectations of $2.75 billion. As a group, equities research analysts forecast that Ovintiv Inc. will post 6.03 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a $0.30 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.17%. Ovintiv's dividend payout ratio is currently 15.21%.

Insider Activity at Ovintiv

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction 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 sale, the executive vice president now owns 23,672 shares of the company's stock, valued at approximately $1,206,325.12. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Renee Ellen Zemljak sold 76,264 shares of the business's stock in a transaction dated 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 transaction, the executive vice president now owns 23,672 shares of the company's stock, valued at approximately $1,206,325.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Howard John Mayson sold 6,000 shares of the business's stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the transaction, the director now directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 91,564 shares of company stock valued at $4,660,818. 0.97% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of OVV. Vanguard Group Inc. raised its holdings in Ovintiv by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company's stock valued at $1,285,816,000 after buying an additional 2,484,554 shares during the period. FMR LLC increased its stake in Ovintiv by 2.3% during the third quarter. FMR LLC now owns 22,877,626 shares of the company's stock worth $1,088,289,000 after purchasing an additional 507,562 shares during the period. State Street Corp increased its stake in 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 purchasing an additional 2,724,998 shares during the period. Smead Capital Management Inc. increased its stake in Ovintiv by 2.5% during the third quarter. Smead Capital Management Inc. now owns 5,524,515 shares of the company's stock worth $262,801,000 after purchasing an additional 136,016 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in Ovintiv by 63.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company's stock worth $213,604,000 after purchasing an additional 1,530,397 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Company Profile

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.