Ovintiv (NYSE:OVV) Share Price Breaks Above 50-Day Moving Average - Time to Sell?

Key Points

• Ovintiv shares rose 2.2% and moved above their 50-day moving average, trading near $64.84; the 50-day average is $64.54.
• Analyst sentiment is broadly positive: Ovintiv has a consensus “Moderate Buy” rating and an average price target of $74.33. Scotiabank raised its target to $80, while Morgan Stanley raised its target to $71 and maintained an “Equal Weight” rating.
• The company announced a quarterly dividend of $0.30 per share, equivalent to $1.20 annually and a 1.9% yield; the payout ratio is 24.19%.

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) crossed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $64.54 and traded as high as $65.29. Ovintiv shares last traded at $64.8390, with a volume of 2,377,478 shares trading hands.

Analyst Ratings Changes

A number of research analysts recently issued reports on OVV shares. Weiss Ratings upgraded shares of Ovintiv from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 2nd. Wall Street Zen downgraded shares of Ovintiv from a "strong-buy" rating to a "buy" rating in a report on Saturday, November 7th. Scotiabank boosted their target price on shares of Ovintiv from $75.00 to $80.00 and gave the stock a "sector outperform" rating in a research report on Monday, October 19th. Seaport Research Partners started coverage on shares of Ovintiv in a report on Thursday, September 3rd. They set a "neutral" rating for the company. Finally, Morgan Stanley upped their price target on shares of Ovintiv from $67.00 to $71.00 and gave the company an "equal weight" rating in a report on Thursday, October 15th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of "Moderate Buy" and an average price target of $74.33.

Ovintiv Trading Up 2.2%

The company has a market capitalization of $17.42 billion, a price-to-earnings ratio of 13.07 and a beta of 0.57. The business has a fifty day moving average price of $64.54 and a 200 day moving average price of $58.45. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.84 and a quick ratio of 0.84.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. Ovintiv's dividend payout ratio (DPR) is presently 24.19%.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently bought and sold shares of OVV. Aberdeen Wealth Management LLC acquired a new stake in Ovintiv in the 2nd quarter worth $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Ovintiv during the 2nd quarter worth about $32,000. Markowski Investments acquired a new position in shares of Ovintiv during the second quarter valued at about $39,000. Rothschild Investment LLC raised its position in shares of Ovintiv by 67.2% during the third quarter. Rothschild Investment LLC now owns 918 shares of the company's stock valued at $53,000 after buying an additional 369 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. raised its position in shares of Ovintiv by 289.3% during the third quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company's stock valued at $60,000 after buying an additional 755 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

About Ovintiv

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company's principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.

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