Ovintiv Inc. (NYSE:OVV) Receives $55.65 Consensus PT from Analysts

Ovintiv Inc. (NYSE:OVV) has been assigned a consensus rating of “Buy” from the seventeen ratings firms that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $55.65.

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company increased their target price on Ovintiv from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 22nd. Barclays lowered their target price on Ovintiv from $59.00 to $53.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Mizuho reduced their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and raised their target price for the company from $55.00 to $57.00 in a report on Monday, March 24th. Finally, Scotiabank raised Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th.

Ovintiv Price Performance

NYSE:OVV opened at $38.19 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock’s 50 day moving average price is $35.41 and its two-hundred day moving average price is $39.94. The firm has a market capitalization of $9.92 billion, a price-to-earnings ratio of 5.06 and a beta of 1.09. Ovintiv has a 12-month low of $29.80 and a 12-month high of $49.57.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.22. The company had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. On average, analysts anticipate that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv’s payout ratio is presently 51.06%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of OVV. Colonial Trust Co SC acquired a new position in Ovintiv during the 4th quarter worth about $28,000. Smartleaf Asset Management LLC lifted its stake in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares during the period. Harbour Investments Inc. lifted its stake in shares of Ovintiv by 143.8% in the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock valued at $39,000 after purchasing an additional 542 shares during the period. Mizuho Bank Ltd. acquired a new position in shares of Ovintiv in the 4th quarter valued at about $40,000. Finally, Optiver Holding B.V. acquired a new position in shares of Ovintiv in the 4th quarter valued at about $40,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.