Ovintiv Inc. (NYSE:OVV) Receives Average Rating of "Buy" from Brokerages

Ovintiv Inc. (NYSE:OVV - Get Free Report) has received an average rating of "Buy" from the seventeen brokerages that are currently covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation, thirteen have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $55.65.

A number of research firms have weighed in on OVV. Mizuho dropped their target price 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 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Barclays dropped 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 target 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. Finally, Morgan Stanley restated an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a research note on Tuesday, April 15th.

Institutional Trading of Ovintiv

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Ovintiv by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock valued at $1,302,113,000 after purchasing an additional 959,711 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after acquiring an additional 7,344,796 shares during the period. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Ovintiv by 3.5% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company's stock worth $361,110,000 after acquiring an additional 284,656 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Ovintiv by 2.6% in the first quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company's stock worth $244,338,000 after acquiring an additional 146,749 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock worth $238,513,000 after acquiring an additional 2,288,989 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Down 0.7%

OVV traded down $0.26 during midday trading on Monday, hitting $37.10. The company had a trading volume of 109,234 shares, compared to its average volume of 3,334,939. Ovintiv has a 52 week low of $29.80 and a 52 week high of $49.57. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $9.64 billion, a price-to-earnings ratio of 4.92 and a beta of 1.14. The stock's 50 day moving average price is $35.64 and its 200 day moving average price is $40.12.

Ovintiv (NYSE:OVV - Get Free Report) last posted its 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 20.15% and a return on equity of 17.87%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. On average, research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid 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 yield of 3.23%. Ovintiv's dividend payout ratio is currently 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.