Ovintiv Inc. (NYSE:OVV) Receives $58.65 Consensus Target Price from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $59.24.

A number of research analysts have recently commented on the company. Evercore ISI reaffirmed an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a research report on Wednesday, July 10th. UBS Group upped their price target on Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. The Goldman Sachs Group upped their price target on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research report on Tuesday, March 26th. Jefferies Financial Group upped their price target on Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a research report on Friday, April 12th. Finally, Bank of America reaffirmed a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a research report on Friday, June 14th.

Ovintiv Stock Down 0.9 %

Shares of NYSE:OVV opened at $48.46 on Friday. The company has a market capitalization of $12.94 billion, a PE ratio of 6.77 and a beta of 2.63. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The business has a fifty day moving average price of $48.10 and a two-hundred day moving average price of $47.86. Ovintiv has a 1 year low of $37.92 and a 1 year high of $55.95.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. Analysts forecast that Ovintiv will post 6.08 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.20 annualized dividend and a yield of 2.48%. Ovintiv’s payout ratio is 16.76%.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares in the company, valued at approximately $446,450. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Howard John Mayson sold 4,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quent Capital LLC lifted its stake in shares of Ovintiv by 151.3% in the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after purchasing an additional 351 shares during the period. American National Bank purchased a new position in shares of Ovintiv in the 1st quarter valued at approximately $27,000. Avalon Trust Co purchased a new position in shares of Ovintiv in the 4th quarter valued at approximately $34,000. Pacifica Partners Inc. purchased a new position in shares of Ovintiv in the 4th quarter valued at approximately $37,000. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.