National Bankshares Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target increased by National Bankshares from $51.00 to $56.00 in a report issued on Thursday,BayStreet.CA reports. The brokerage currently has an outperform rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Truist Financial upped their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Wells Fargo & Company reduced their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, UBS Group cut their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Stock Performance

Shares of OVV opened at $43.82 on Thursday. The business’s 50 day moving average price is $42.59 and its 200-day moving average price is $42.35. The stock has a market cap of $11.41 billion, a P/E ratio of 5.81 and a beta of 2.63. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.76. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The firm had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the firm posted $1.74 earnings per share. Equities research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is currently 15.92%.

Institutional Investors Weigh In On Ovintiv

Hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its stake in Ovintiv by 0.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after purchasing an additional 231 shares in the last quarter. Drive Wealth Management LLC grew its position in shares of Ovintiv by 2.5% during the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after buying an additional 251 shares in the last quarter. CIBC Asset Management Inc increased its stake in shares of Ovintiv by 3.7% during the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after buying an additional 280 shares during the period. Fifth Third Bancorp raised its holdings in shares of Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after acquiring an additional 282 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv

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.