Ovintiv (NYSE:OVV) Upgraded by The Goldman Sachs Group to Buy Rating

The Goldman Sachs Group upgraded shares of Ovintiv (NYSE:OVV - Free Report) from a neutral rating to a buy rating in a report issued on Tuesday, Marketbeat Ratings reports. The Goldman Sachs Group currently has $51.00 price target on the stock, up from their prior price target of $47.00.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Morgan Stanley reissued an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Mizuho decreased their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Finally, Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has an average rating of "Buy" and a consensus target price of $54.47.

Ovintiv Stock Down 0.0%

NYSE OVV traded down $0.02 during mid-day trading on Tuesday, reaching $40.04. The stock had a trading volume of 1,910,731 shares, compared to its average volume of 3,341,823. Ovintiv has a 1 year low of $29.80 and a 1 year high of $49.57. The company has a fifty day moving average price of $37.74 and a 200 day moving average price of $39.55. The stock has a market cap of $10.40 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.15 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. On average, research analysts expect that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is 51.06%.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Colonial Trust Co SC bought a new position in Ovintiv during the 4th quarter valued at about $28,000. Smartleaf Asset Management LLC boosted its position in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after buying an additional 335 shares during the period. Harbour Investments Inc. grew its stake in shares of Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after buying an additional 542 shares during the last quarter. Mizuho Bank Ltd. purchased a new stake in shares of Ovintiv in the fourth quarter worth approximately $40,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Ovintiv in the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors 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.