Ovintiv Inc. (NYSE:OVV) Given Consensus Rating of "Buy" by Analysts

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have earned a consensus rating of "Buy" from the seventeen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $55.76.

A number of research firms recently commented on OVV. JPMorgan Chase & Co. decreased their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. National Bankshares upped their price objective on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Wells Fargo & Company lifted their price target on Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 22nd. Finally, Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and decreased their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in OVV. Colonial Trust Co SC bought a new stake in Ovintiv during the 4th quarter worth $28,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after purchasing an additional 360 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after purchasing an additional 335 shares during the period. Harbour Investments Inc. raised its position in Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after purchasing an additional 542 shares during the last quarter. Finally, Mizuho Bank Ltd. acquired a new position in Ovintiv during the 4th quarter worth about $40,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

NYSE:OVV traded up $0.35 during trading hours on Thursday, reaching $38.45. The company had a trading volume of 591,571 shares, compared to its average volume of 3,204,442. The firm has a market capitalization of $10.01 billion, a PE ratio of 5.10 and a beta of 1.14. The stock has a 50-day moving average of $37.02 and a two-hundred day moving average of $40.61. Ovintiv has a one year low of $29.80 and a one year high of $51.72. 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 announced its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

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 given a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.12%. Ovintiv's payout ratio is 51.06%.

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.