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

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have received an average rating of "Buy" from the sixteen research firms that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $54.69.

Several brokerages recently commented on OVV. Barclays cut their price target on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Mizuho dropped their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research note on Wednesday, March 5th. Finally, Wells Fargo & Company dropped their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $38.73 on Friday. The company's fifty day moving average price is $37.08 and its 200 day moving average price is $39.61. Ovintiv has a 12 month low of $29.80 and a 12 month high of $49.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market capitalization of $10.06 billion, a P/E ratio of 16.48, a P/E/G ratio of 2.07 and a beta of 1.09.

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

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Friday, June 13th. Ovintiv's payout ratio is 51.06%.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the company. Colonial Trust Co SC purchased a new stake in shares of Ovintiv in the fourth quarter valued at about $28,000. Smartleaf Asset Management LLC boosted its holdings in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares in the last quarter. Harbour Investments Inc. boosted its holdings in Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after buying an additional 542 shares in the last quarter. Mizuho Bank Ltd. purchased a new stake in Ovintiv during the fourth quarter worth about $40,000. Finally, Optiver Holding B.V. purchased a new stake in Ovintiv during the fourth quarter worth about $40,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.