Ovintiv (NYSE:OVV) Given New $51.00 Price Target at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price objective trimmed by Wells Fargo & Company from $52.00 to $51.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also issued research reports about the company. Mizuho increased their target price on Ovintiv from $58.00 to $64.00 and gave the stock a buy rating in a research report on Monday, May 13th. TD Cowen increased their target price on Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research report on Monday, June 10th. Barclays started coverage on Ovintiv in a research report on Wednesday, April 10th. They set an overweight rating and a $69.00 price objective for the company. Jefferies Financial Group raised their price objective 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 objective on shares of Ovintiv in a research report on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $61.06.

Ovintiv Trading Down 3.1 %

OVV opened at $40.29 on Thursday. The business has a 50 day simple moving average of $47.16 and a two-hundred day simple moving average of $48.20. The firm has a market capitalization of $10.76 billion, a price-to-earnings ratio of 5.81, a PEG ratio of 7.30 and a beta of 2.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.52. Ovintiv has a one year low of $39.68 and a one year high of $55.95.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Analysts predict that Ovintiv will post 5.69 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.98%. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Insider Transactions at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction dated 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 directly owns 45,279 shares in the company, valued at $2,315,568.06. The disclosure for this sale can be found here. Company insiders own 1.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after purchasing an additional 1,024,931 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Ovintiv by 6.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock valued at $115,937,000 after acquiring an additional 168,320 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Ovintiv by 4.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,676,420 shares of the company’s stock valued at $73,628,000 after acquiring an additional 68,718 shares during the period. Ceredex Value Advisors LLC acquired a new position in shares of Ovintiv in the 4th quarter valued at $67,149,000. Finally, Balyasny Asset Management L.P. increased its position in shares of Ovintiv by 1,560.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after acquiring an additional 1,363,865 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.