Ovintiv Inc. (NYSE:OVV) Receives $66.89 Average Target Price from Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average recommendation of “Moderate Buy” from the twenty-two ratings firms that are currently covering the firm, Marketbeat.com reports. Three investment analysts have rated the stock with a hold recommendation, eighteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $66.8947.

Several equities analysts have recently weighed in on OVV shares. Truist Financial restated a “buy” rating and set a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Zacks Research lowered shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Roth Capital raised their target price on shares of Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Finally, Wells Fargo & Company upgraded shares of Ovintiv from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $57.00 to $80.00 in a report on Monday, June 22nd.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of OVV. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after buying an additional 203,256 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after buying an additional 1,137,162 shares during the period. Millennium Management LLC lifted its stake in Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after buying an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. lifted its stake in Ovintiv by 13.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after buying an additional 650,000 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Down 4.8%

Shares of Ovintiv stock opened at $57.85 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 16.34 and a beta of 0.53. The business has a fifty day simple moving average of $56.69 and a 200-day simple moving average of $54.43. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $64.61.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. On average, equities analysts forecast that Ovintiv will post 6.87 EPS for the current fiscal year.

Ovintiv Dividend Announcement

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 2.1%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 33.90%.

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.