Mizuho Raises Ovintiv (NYSE:OVV) Price Target to $64.00

Ovintiv (NYSE:OVV - Free Report) had its price objective lifted by Mizuho from $58.00 to $64.00 in a research report released on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also recently weighed in on OVV. UBS Group raised their price objective on Ovintiv from $62.00 to $69.00 and gave the company a buy rating in a report on Thursday, April 11th. Jefferies Financial Group boosted their price target on Ovintiv from $59.00 to $69.00 and gave the stock a buy rating in a research report on Friday, April 12th. Royal Bank of Canada increased their price objective on Ovintiv from $48.00 to $49.00 and gave the company a sector perform rating in a report on Thursday, February 29th. The Goldman Sachs Group boosted their target price on shares of Ovintiv from $47.00 to $56.00 and gave the stock a neutral rating in a report on Tuesday, March 26th. Finally, Citigroup increased their price target on shares of Ovintiv from $52.00 to $58.00 and gave the company a buy rating in a research note on Monday, March 18th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $57.06.

Ovintiv Stock Down 0.3 %

Shares of NYSE:OVV traded down $0.15 during midday trading on Monday, reaching $49.79. 1,996,574 shares of the company were exchanged, compared to its average volume of 3,036,563. The firm has a market cap of $13.29 billion, a PE ratio of 7.01 and a beta of 2.65. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. Ovintiv has a fifty-two week low of $32.07 and a fifty-two week high of $55.95. The stock has a fifty day simple moving average of $51.93 and a two-hundred day simple moving average of $46.74.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.41. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. As a group, sell-side analysts forecast that Ovintiv will post 6.07 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date of this dividend is Friday, June 14th. Ovintiv's dividend payout ratio is 16.76%.

Insider Transactions at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the firm'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 directly owns 23,672 shares of the company's stock, valued at $1,206,325.12. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was 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 $1,206,325.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction 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 of the company's stock, valued at $2,662,012.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,564 shares of company stock valued at $4,660,818. 0.97% of the stock is currently owned by corporate insiders.

Institutional Trading of Ovintiv

Several large investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its holdings in shares of Ovintiv by 10.7% in the 3rd quarter. Victory Capital Management Inc. now owns 528,836 shares of the company's stock valued at $25,157,000 after purchasing an additional 51,261 shares in the last quarter. Toronto Dominion Bank raised its stake in Ovintiv by 15.5% during the third quarter. Toronto Dominion Bank now owns 761,303 shares of the company's stock worth $36,215,000 after acquiring an additional 101,978 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Ovintiv by 10.1% in the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company's stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Ovintiv by 2.5% in the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company's stock valued at $53,500,000 after purchasing an additional 27,381 shares in the last quarter. Finally, Comerica Bank bought a new stake in shares of Ovintiv during the 3rd quarter valued at approximately $18,097,000. 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.