Ovintiv (NYSE:OVV) Given New $55.00 Price Target at Citigroup

Ovintiv (NYSE:OVV) had its price target cut by Citigroup from $58.00 to $55.00 in a research report released on Monday morning, Marketbeat reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently commented on OVV. TD Cowen raised 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. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $60.00 to $51.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Morgan Stanley decreased their target price on shares of Ovintiv from $53.00 to $51.00 and set an equal weight rating for the company in a research note on Monday, September 16th. Wolfe Research initiated 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. Finally, Scotiabank upped their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a research report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $57.67.

Ovintiv Stock Up 1.6 %

OVV opened at $42.78 on Monday. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The firm has a 50 day moving average price of $41.38 and a 200 day moving average price of $46.66. The company has a market cap of $11.28 billion, a PE ratio of 6.03, a price-to-earnings-growth ratio of 8.02 and a beta of 2.61. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results 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 return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Sell-side analysts expect that Ovintiv will post 4.9 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.81%. Ovintiv’s payout ratio is 16.93%.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after purchasing an additional 220 shares during the last quarter. UMB Bank n.a. boosted its position in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the period. Covestor Ltd grew its stake in Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after buying an additional 293 shares during the last quarter. Geneos Wealth Management Inc. increased its position in Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares during the period. Finally, Blue Trust Inc. lifted its stake in Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after buying an additional 347 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.