Ovintiv Inc. (NYSE:OVV) Stock Has Consensus Target Price of $74.33

Shares of Ovintiv Inc. (NYSE:OVV) have been given an average rating of “Moderate Buy” by the twenty-four ratings firms that are presently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $74.33.

Several analysts have issued reports on OVV shares. Stephens reaffirmed a “positive” rating on shares of Ovintiv in a report on Tuesday, October 27th. Seaport Research Partners began coverage on Ovintiv in a research report on Thursday, September 3rd. They set a “neutral” rating for the company. Royal Bank Of Canada upped their target price on Ovintiv from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, October 13th. Citigroup increased their target price on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Finally, Scotia increased their target price on Ovintiv from $70.00 to $75.00 and gave the company a “sector outperform” rating in a report on Friday, October 2nd.

Institutional Trading of Ovintiv

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OVV. BlackRock Inc. acquired a new stake in shares of Ovintiv during the 2nd quarter worth about $1,422,959,000. Arrowstreet Capital Limited Partnership raised its position in shares of Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after buying an additional 1,137,162 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Ovintiv by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock valued at $174,856,000 after buying an additional 239,054 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Ovintiv by 119.7% in the second quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock valued at $90,421,000 after buying an additional 935,860 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Ovintiv by 74.2% during the first quarter. First Trust Advisors LP now owns 1,481,562 shares of the company’s stock valued at $87,946,000 after buying an additional 631,262 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 2.9%

NYSE:OVV opened at $63.41 on Monday. The company has a market capitalization of $17.04 billion, a PE ratio of 8.71 and a beta of 0.57. Ovintiv has a 52-week low of $36.81 and a 52-week high of $73.61. The stock has a fifty day simple moving average of $64.59 and a 200-day simple moving average of $58.33. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.31.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.9%. The ex-dividend date is Tuesday, December 15th. Ovintiv’s dividend payout ratio is currently 24.19%.

About Ovintiv

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.