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

Key Points

• Analysts have given Ovintiv Inc. a consensus recommendation of "Buy", with thirteen out of sixteen analysts recommending buying the stock.
• The average 12-month price target for Ovintiv is approximately $53.47, indicating potential growth from its current price of around $39.43.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, yielding around 3.0%, with an ex-dividend date of September 15th.

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have been assigned an average recommendation of "Buy" from the sixteen research firms that are currently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $53.4667.

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company decreased their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Citigroup set a $54.00 price objective on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Scotiabank raised their price target on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, Mizuho decreased their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th.

Ovintiv Trading Down 1.0%

OVV traded down $0.41 on Friday, hitting $39.43. The company had a trading volume of 4,341,336 shares, compared to its average volume of 3,522,145. The firm has a market cap of $10.14 billion, a P/E ratio of 17.45, a PEG ratio of 4.76 and a beta of 1.10. Ovintiv has a 1 year low of $29.80 and a 1 year high of $47.18. The company's fifty day moving average price is $40.14 and its 200 day moving average price is $39.10. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. The business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. As a group, equities analysts expect 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, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is presently 53.10%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently bought and sold shares of OVV. Vanguard Group Inc. grew its position in shares of Ovintiv by 3.3% in the first 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 during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 3.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,571,397 shares of the company's stock valued at $364,192,000 after purchasing an additional 312,827 shares during the last quarter. Hotchkis & Wiley Capital Management LLC lifted its stake in shares of Ovintiv by 3.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company's stock valued at $361,110,000 after acquiring an additional 284,656 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Ovintiv by 2.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company's stock valued at $244,338,000 after acquiring an additional 146,749 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in shares of Ovintiv by 69.7% in the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after acquiring an additional 2,288,989 shares during the last quarter. Institutional investors and hedge funds 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.