Truist Financial Trims Ovintiv (NYSE:OVV) Target Price to $60.00

Ovintiv (NYSE:OVV) had its price objective trimmed by Truist Financial from $68.00 to $60.00 in a report issued on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts also recently issued reports on the stock. Mizuho increased their target price on shares of Ovintiv from $58.00 to $64.00 and gave the stock a buy rating in a research report on Monday, May 13th. Wolfe Research started coverage on shares of Ovintiv in a research note on Thursday, July 18th. They set an outperform rating and a $65.00 price target on the stock. Jefferies Financial Group increased their price target on shares of Ovintiv from $59.00 to $69.00 and gave the stock a buy rating in a research note on Friday, April 12th. Morgan Stanley increased their price target on shares of Ovintiv from $49.00 to $53.00 and gave the stock an equal weight rating in a research note on Monday, April 15th. Finally, TD Cowen increased their price target on shares of Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research note on Monday, June 10th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $60.33.

Ovintiv Stock Down 1.4 %

OVV stock opened at $45.64 on Monday. Ovintiv has a 12-month low of $39.68 and a 12-month high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The company has a market cap of $12.18 billion, a price-to-earnings ratio of 6.37 and a beta of 2.63. The company has a 50 day moving average of $47.72 and a two-hundred day moving average of $47.96.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. On average, equities analysts anticipate that Ovintiv will post 5.89 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

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

Insider Activity at Ovintiv

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 transaction, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently added to or reduced their stakes in the company. Fifth Third Wealth Advisors LLC acquired a new position in shares of Ovintiv in the 2nd quarter worth approximately $368,000. Summit Global Investments acquired a new position in shares of Ovintiv in the 2nd quarter worth approximately $814,000. Davis Investment Partners LLC raised its holdings in shares of Ovintiv by 20.8% in the 2nd quarter. Davis Investment Partners LLC now owns 23,624 shares of the company’s stock worth $1,140,000 after buying an additional 4,072 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after buying an additional 347 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after buying an additional 106,900 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.