Ovintiv (NYSE:OVV) Reaches New 1-Year Low at $38.97

Ovintiv Inc. (NYSE:OVV)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $38.97 and last traded at $39.11, with a volume of 161711 shares. The stock had previously closed at $40.29.

Analyst Ratings Changes

OVV has been the topic of a number of recent research reports. Wolfe Research assumed coverage on shares of Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target on the stock. Evercore ISI restated an “outperform” rating and issued a $60.00 target price on shares of Ovintiv in a research note on Wednesday, July 10th. TD Cowen upped their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Scotiabank raised their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Finally, UBS Group lowered their price objective on Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average price target of $60.56.

Ovintiv Stock Up 0.2 %

The stock has a market cap of $10.33 billion, a P/E ratio of 5.41, a price-to-earnings-growth ratio of 6.48 and a beta of 2.62. The stock’s 50-day moving average is $44.08 and its 200-day moving average is $48.01. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, research analysts anticipate that Ovintiv Inc. will post 5.81 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Institutional Trading of Ovintiv

Institutional investors have recently modified their holdings of the company. Westfield Capital Management Co. LP grew its holdings in Ovintiv by 3.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after acquiring an additional 44,241 shares during the period. TD Asset Management Inc boosted its position in shares of Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after purchasing an additional 29,449 shares in the last quarter. Wedge Capital Management L L P NC grew its stake 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 purchasing an additional 106,900 shares during the last quarter. International Assets Investment Management LLC raised its holdings in shares of Ovintiv by 1,202.0% in the 4th quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock worth $610,000 after purchasing an additional 12,813 shares in the last quarter. Finally, FORA Capital LLC acquired a new stake in Ovintiv during the first quarter valued at approximately $4,244,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

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.