Ovintiv (NYSE:OVV) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Ovintiv (NYSE:OVV) from a hold rating to a buy rating in a report published on Saturday.

Several other analysts have also weighed in on OVV. Royal Bank Of Canada set a $70.00 price objective on Ovintiv and gave the company an “outperform” rating in a report on Monday, June 22nd. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Citigroup lowered their target price on Ovintiv from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Friday, July 17th. Bank of America upped their price target on shares of Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Finally, Mizuho raised their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $66.84.

Ovintiv Trading Down 4.8%

Ovintiv stock opened at $60.10 on Friday. Ovintiv has a 12-month low of $35.47 and a 12-month high of $64.61. The stock has a market capitalization of $16.56 billion, a PE ratio of 16.98 and a beta of 0.53. The firm has a 50 day simple moving average of $56.37 and a 200-day simple moving average of $53.36. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, equities research analysts expect that Ovintiv will post 7.08 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 33.90%.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of the stock. Steph & Co. purchased a new stake in shares of Ovintiv during the first quarter valued at $29,000. Root Financial Partners LLC increased its stake in Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after purchasing an additional 277 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Ovintiv during the 4th quarter worth about $38,000. Los Angeles Capital Management LLC acquired a new stake in Ovintiv during the 4th quarter worth about $46,000. Finally, Deseret Mutual Benefit Administrators lifted its stake in Ovintiv by 27.6% during the fourth 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. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Company Profile

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.