Ovintiv Inc. (NYSE:OVV) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have earned an average rating of “Moderate Buy” from the twenty-one analysts that are presently covering the stock, Marketbeat reports. Seven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $63.00.

A number of equities analysts have recently weighed in on the company. Roth Mkm upped their target price on Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a report on Tuesday, February 24th. UBS Group dropped their target price on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, April 9th. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday. JPMorgan Chase & Co. assumed coverage on Ovintiv in a report on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price on the stock. Finally, Morgan Stanley assumed coverage on Ovintiv in a report on Friday, March 27th. They issued an “equal weight” rating and a $68.00 target price on the stock.

Ovintiv Price Performance

Shares of OVV opened at $52.32 on Friday. The company has a market capitalization of $14.70 billion, a price-to-earnings ratio of 16.88 and a beta of 0.53. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The business’s 50-day moving average is $57.27 and its 200-day moving average is $50.28.

Ovintiv (NYSE:OVV) last issued its earnings results on Monday, May 11th. The company reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.38 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%. Equities research analysts expect that Ovintiv will post 8.17 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.30 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.3%. Ovintiv’s dividend payout ratio is currently 38.71%.

Institutional Investors Weigh In On Ovintiv

Large investors have recently made changes to their positions in the company. Steph & Co. bought a new stake in shares of Ovintiv in the 1st quarter valued at approximately $29,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Ovintiv in the 3rd quarter valued at approximately $36,000. Flagship Harbor Advisors LLC bought a new stake in shares of Ovintiv in the 4th quarter valued at approximately $38,000. Los Angeles Capital Management LLC bought a new stake in shares of Ovintiv in the 4th quarter valued at approximately $46,000. Finally, Deseret Mutual Benefit Administrators grew its stake in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after buying an additional 287 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.