Ovintiv Inc. (NYSE:OVV) Receives $53.94 Consensus Target Price from Analysts

Ovintiv Inc. (NYSE:OVV - Get Free Report) has earned an average rating of "Moderate Buy" from the thirteen brokerages that are covering the company, Marketbeat reports. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $53.94.

Several brokerages recently issued reports on OVV. Royal Bank of Canada raised their target price on Ovintiv from $48.00 to $49.00 and gave the stock a "sector perform" rating in a research report on Thursday, February 29th. JPMorgan Chase & Co. upgraded Ovintiv from a "neutral" rating to an "overweight" rating and reduced their target price for the company from $61.00 to $58.00 in a report on Wednesday, December 6th. Citigroup raised their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a "buy" rating in a report on Monday, March 18th. Scotiabank dropped their price target on shares of Ovintiv from $53.00 to $50.00 and set an "outperform" rating on the stock in a research report on Tuesday, January 16th. Finally, The Goldman Sachs Group increased their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the stock a "neutral" rating in a research report on Tuesday, March 26th.

Insiders Place Their Bets

In other news, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Rachel Maureen Moore sold 9,300 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the sale, the executive vice president now directly owns 52,557 shares of the company's stock, valued at $2,662,012.05. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Howard John Mayson sold 6,000 shares of the firm's stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares in the company, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,564 shares of company stock worth $4,660,818. Insiders own 0.97% of the company's stock.

Institutional Trading of Ovintiv

Several institutional investors have recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. bought a new stake in Ovintiv in the 2nd quarter worth about $559,852,000. EnCap Energy Capital Fund X L.P. bought a new position in shares of Ovintiv in the second quarter valued at approximately $380,527,000. EnCap Energy Capital Fund IX L.P. purchased a new stake in shares of Ovintiv during the second quarter valued at approximately $269,394,000. State Street Corp lifted its holdings 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 acquiring an additional 2,724,998 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Ovintiv by 10.1% during 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 period. Institutional investors own 83.81% of the company's stock.

Ovintiv Trading Up 3.1 %

Shares of Ovintiv stock traded up $1.61 on Wednesday, hitting $54.12. The stock had a trading volume of 2,910,846 shares, compared to its average volume of 3,248,652. The stock has a 50 day moving average of $47.25 and a 200 day moving average of $45.82. The firm has a market capitalization of $14.55 billion, a P/E ratio of 6.86 and a beta of 2.65. Ovintiv has a twelve month low of $32.07 and a twelve month high of $54.12. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.41. The firm had revenue of $3.17 billion during the quarter, compared to analysts' expectations of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. Sell-side analysts expect that Ovintiv will post 5.79 earnings per share for the current fiscal 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 issued a dividend of $0.30 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.22%. Ovintiv's dividend payout ratio is 15.21%.

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.