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

Ovintiv Inc. (NYSE:OVV - Get Free Report) has been assigned a consensus rating of "Buy" from the seventeen brokerages that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $55.76.

A number of equities research analysts recently commented on OVV shares. Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Barclays lowered their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and cut their target price for the company from $55.00 to $54.00 in a report on Monday, January 13th.

Ovintiv Price Performance

OVV opened at $33.89 on Thursday. Ovintiv has a 52-week low of $29.80 and a 52-week high of $51.76. The business has a fifty day moving average of $37.17 and a 200 day moving average of $40.68. The stock has a market cap of $8.82 billion, a P/E ratio of 4.49 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. As a group, sell-side analysts anticipate that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.54%. The ex-dividend date is Friday, June 13th. Ovintiv's dividend payout ratio is currently 28.57%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC grew its holdings in Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company's stock worth $2,647,000 after acquiring an additional 231 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock worth $412,000 after purchasing an additional 276 shares in the last quarter. Fifth Third Bancorp increased its holdings in Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company's stock valued at $97,000 after buying an additional 282 shares during the last quarter. Concurrent Investment Advisors LLC raised its stake in Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after buying an additional 297 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its holdings in Ovintiv by 1.5% during the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company's stock worth $830,000 after buying an additional 300 shares during the last quarter. Hedge funds and other 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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