Ovintiv Inc. (NYSE:OVV) Given Average Recommendation of "Buy" by Brokerages

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have been assigned a consensus recommendation of "Buy" from the seventeen brokerages that are presently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $53.81.

Several research firms have weighed in on OVV. Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Citigroup set a $54.00 price target on Ovintiv and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company cut their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and boosted their price target for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the company from $55.00 to $57.00 in a research report on Monday, March 24th.

Ovintiv Trading Down 2.9%

Ovintiv stock opened at $38.89 on Tuesday. The business's fifty day moving average is $38.90 and its 200 day moving average is $39.66. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv has a one year low of $29.80 and a one year high of $48.35. The stock has a market capitalization of $10.10 billion, a PE ratio of 16.55, a price-to-earnings-growth ratio of 2.22 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. On average, sell-side analysts predict that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Friday, June 13th. Ovintiv's dividend payout ratio is currently 51.06%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its holdings in Ovintiv by 4.7% in the 4th quarter. HighTower Advisors LLC now owns 16,175 shares of the company's stock valued at $655,000 after purchasing an additional 719 shares in the last quarter. Natixis Advisors LLC raised its position in Ovintiv by 8.3% in the fourth quarter. Natixis Advisors LLC now owns 36,393 shares of the company's stock worth $1,474,000 after acquiring an additional 2,797 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new stake in Ovintiv during the 4th quarter valued at about $215,000. Thrivent Financial for Lutherans increased its position in Ovintiv by 11.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 165,220 shares of the company's stock worth $6,691,000 after purchasing an additional 16,836 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Ovintiv by 11.0% in the 4th quarter. American Century Companies Inc. now owns 488,182 shares of the company's stock worth $19,771,000 after purchasing an additional 48,308 shares in the last quarter. Institutional investors 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.

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