Analysts Set Ovintiv Inc. (NYSE:OVV) Target Price at $53.07

Key Points

• Ovintiv Inc. has an average target price of $53.07 with a consensus recommendation of "Buy" from 16 research firms, indicating positive sentiment towards the stock.
• Institutional investors have recently increased their holdings in Ovintiv significantly, with IFP Advisors Inc. raising its position by 316.7% during the second quarter.
• Ovintiv declared a quarterly dividend of $0.30 per share with a yield of 2.8%, set to be paid on September 29th to shareholders of record on 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 reports. Two analysts have rated the stock with a hold recommendation, twelve have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $53.0667.

A number of brokerages have issued reports on OVV. Barclays upped their price target on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Morgan Stanley set a $48.00 price target on shares of Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. Wells Fargo & Company cut their price target 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. Scotiabank upped their price target on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. Finally, Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. IFP Advisors Inc raised its holdings in shares of Ovintiv by 316.7% during the second quarter. IFP Advisors Inc now owns 846 shares of the company's stock worth $32,000 after purchasing an additional 643 shares during the last quarter. Dogwood Wealth Management LLC purchased a new position in shares of Ovintiv during the second quarter worth $35,000. Harbour Investments Inc. raised its holdings in shares of Ovintiv by 143.8% during the first 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. Gen Wealth Partners Inc raised its holdings in shares of Ovintiv by 91.8% during the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after purchasing an additional 484 shares during the last quarter. Finally, MAI Capital Management raised its holdings in shares of Ovintiv by 174.6% during the second quarter. MAI Capital Management now owns 1,170 shares of the company's stock worth $45,000 after purchasing an additional 744 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Down 1.2%

NYSE:OVV traded down $0.52 during midday trading on Wednesday, reaching $42.35. 3,258,737 shares of the stock traded hands, compared to its average volume of 2,773,814. Ovintiv has a 12-month low of $29.80 and a 12-month high of $47.18. The business has a 50-day moving average of $40.56 and a two-hundred day moving average of $38.84. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market capitalization of $10.89 billion, a PE ratio of 7.60, a price-to-earnings-growth ratio of 5.51 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. On average, equities analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Ovintiv's dividend payout ratio is presently 53.10%.

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.