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

Key Points

• Ovintiv Inc. has received a consensus rating of "Moderate Buy" from eighteen brokerages, with an average 1-year price target set at $52.73.
• Several institutional investors, including Charles Schwab Investment Management, have significantly increased their stakes in Ovintiv, with hedge funds currently owning 83.81% of the stock.
• The company recently declared a quarterly dividend of $0.30 per share, representing an annualized dividend yield of 3.0%.

Ovintiv Inc. (NYSE:OVV - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the eighteen brokerages that are currently covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $52.7333.

A number of research analysts have recently commented on the stock. Barclays boosted their price target on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Scotiabank boosted their price target on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Finally, Mizuho reduced their price target on shares of Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a research report on Monday, September 15th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. Charles Schwab Investment Management Inc. grew its position in 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 in the last quarter. AQR Capital Management LLC grew its position in 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 in the last quarter. Adage Capital Partners GP L.L.C. grew its position in Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company's stock worth $142,278,000 after acquiring an additional 2,205,233 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Ovintiv in the first quarter worth $56,865,000. Finally, Qube Research & Technologies Ltd purchased a new position in Ovintiv in the second quarter worth $41,701,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Up 1.5%

Ovintiv stock opened at $40.15 on Friday. Ovintiv has a 1-year low of $29.80 and a 1-year high of $47.18. The firm has a market capitalization of $10.32 billion, a price-to-earnings ratio of 17.76, a P/E/G ratio of 5.19 and a beta of 0.97. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a 50 day simple moving average of $40.99 and a 200 day simple moving average of $38.96.

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

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Ovintiv's payout ratio is 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.

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