Bank of America Reiterates Neutral Rating for Ovintiv (NYSE:OVV)

Bank of America reaffirmed their neutral rating on shares of Ovintiv (NYSE:OVV) in a research note released on Friday morning, Benzinga reports. They currently have a $55.00 price objective on the stock.

A number of other equities research analysts also recently weighed in on the company. UBS Group boosted their price target on Ovintiv from $69.00 to $70.00 and gave the company a buy rating in a report on Wednesday, May 15th. Royal Bank of Canada boosted their target price on shares of Ovintiv from $48.00 to $49.00 and gave the company a sector perform rating in a research note on Thursday, February 29th. Citigroup raised their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a buy rating in a research report on Monday, March 18th. TD Cowen boosted their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a buy rating in a research report on Monday, June 10th. Finally, Evercore ISI upgraded shares of Ovintiv from an in-line rating to an outperform rating and set a $60.00 price objective on the stock in a research note on Friday. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $58.65.

Ovintiv Price Performance

Shares of OVV stock opened at $45.64 on Friday. The firm has a fifty day moving average of $50.48 and a two-hundred day moving average of $47.29. The firm has a market cap of $12.19 billion, a P/E ratio of 6.37 and a beta of 2.58. Ovintiv has a 1-year low of $34.50 and a 1-year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.32 by $0.12. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. As a group, research analysts anticipate that Ovintiv will post 6.15 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Friday, June 14th. Ovintiv’s payout ratio is currently 16.76%.

Insider Transactions at Ovintiv

In related news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares in the company, valued at $446,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. Company insiders own 0.97% of the company’s stock.

Institutional Trading of Ovintiv

Several institutional investors have recently modified their holdings of the company. Cetera Investment Advisers raised its position in Ovintiv by 678.9% in the first quarter. Cetera Investment Advisers now owns 37,113 shares of the company’s stock worth $1,926,000 after acquiring an additional 32,348 shares in the last quarter. Burney Co. raised its holdings in shares of Ovintiv by 128.7% in the 1st quarter. Burney Co. now owns 121,872 shares of the company’s stock worth $6,325,000 after purchasing an additional 68,575 shares in the last quarter. Atria Investments Inc lifted its stake in Ovintiv by 6.6% during the first quarter. Atria Investments Inc now owns 43,911 shares of the company’s stock valued at $2,279,000 after purchasing an additional 2,722 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in Ovintiv during the first quarter valued at approximately $617,000. Finally, Tidal Investments LLC boosted its holdings in Ovintiv by 7.0% during the first quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock worth $397,000 after buying an additional 497 shares in the last quarter. Institutional investors and hedge funds 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.