Ovintiv Inc. (NYSE:OVV) Receives $54.69 Consensus Price Target from Analysts

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have earned a consensus recommendation of "Buy" from the sixteen brokerages that are presently covering the company, 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 twelve-month target price among analysts that have issued a report on the stock in the last year is $54.69.

Several research analysts have issued reports on the company. Barclays dropped their target price on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research report 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 report on Thursday, March 13th. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a report on Tuesday, April 15th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Mizuho cut their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th.

Ovintiv Stock Performance

Ovintiv stock traded down $0.29 during midday trading on Friday, reaching $38.12. 3,185,114 shares of the company traded hands, compared to its average volume of 3,332,154. 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 business has a 50 day moving average of $37.28 and a two-hundred day moving average of $39.54. The firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of 16.22, a price-to-earnings-growth ratio of 2.09 and a beta of 1.09.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share 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 analysts' expectations of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. As a group, research analysts predict that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.15%. Ovintiv's dividend payout ratio is 51.06%.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently made changes to their positions in OVV. Ninepoint Partners LP increased its holdings in shares of Ovintiv by 16.9% in the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock worth $9,112,000 after buying an additional 32,500 shares during the last quarter. Westpac Banking Corp boosted its position in Ovintiv by 64.8% in the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after buying an additional 12,340 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock worth $8,768,000 after buying an additional 34,207 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after acquiring an additional 45,147 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

About Ovintiv

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.