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

Key Points

• Ovintiv has a “Moderate Buy” consensus rating: Eighteen of 22 analysts recommend buying the stock, one rates it a strong buy, and three recommend holding it. The average 12-month price target is $66.89.
• OVV shares opened at $62.40, near their 52-week high of $64.61. The company’s latest quarterly results included $1.74 in earnings per share, below the $1.94 consensus estimate, while revenue of $3.01 billion exceeded expectations.
• Ovintiv declared a quarterly dividend of $0.30 per share, equal to $1.20 annually and a 1.9% yield. Institutional investors own approximately 83.81% of the company’s outstanding shares.

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have been given an average rating of "Moderate Buy" by the twenty-two analysts that are covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $66.8947.

Several analysts have issued reports on the company. Roth Capital boosted their price target on Ovintiv from $50.00 to $55.00 and gave the company a "neutral" rating in a report on Wednesday, June 24th. Wells Fargo & Company raised Ovintiv from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $57.00 to $80.00 in a research report on Monday, June 22nd. Morgan Stanley cut their price objective on Ovintiv from $68.00 to $65.00 and set an "equal weight" rating for the company in a research note on Monday, June 29th. Mizuho increased their target price on shares of Ovintiv from $69.00 to $75.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Finally, Weiss Ratings upgraded shares of Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research note on Tuesday.

Ovintiv Trading Up 1.3%

Shares of OVV stock opened at $62.40 on Friday. Ovintiv has a 1 year low of $35.47 and a 1 year high of $64.61. The firm has a fifty day moving average price of $56.50 and a 200-day moving average price of $53.90. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The company has a market cap of $17.19 billion, a price-to-earnings ratio of 17.63 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. As a group, equities analysts predict that Ovintiv will post 6.87 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. Ovintiv's dividend payout ratio is 33.90%.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently modified their holdings of OVV. Steph & Co. purchased a new stake in Ovintiv in the 1st quarter worth $29,000. Flagship Harbor Advisors LLC bought a new stake in Ovintiv during the fourth quarter valued at about $38,000. Los Angeles Capital Management LLC purchased a new position in shares of Ovintiv in the fourth quarter valued at about $46,000. Deseret Mutual Benefit Administrators lifted its position in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock valued at $52,000 after acquiring an additional 287 shares in the last quarter. Finally, Root Financial Partners LLC lifted its position in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after acquiring an additional 277 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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