Ovintiv (NYSE:OVV) Sets New 52-Week High – What’s Next?

Shares of Ovintiv Inc. (NYSE:OVV) hit a new 52-week high during mid-day trading on Monday. The company traded as high as $69.86 and last traded at $69.6990, with a volume of 126,246 shares trading hands. The stock had previously closed at $69.33.

Analysts Set New Price Targets

OVV has been the subject of a number of analyst reports. Wall Street Zen upgraded Ovintiv from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. Scotia upped their price target on shares of Ovintiv from $70.00 to $75.00 and gave the stock a “sector outperform” rating in a report on Friday, October 2nd. Truist Financial raised their price objective on Ovintiv from $73.00 to $77.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Stephens reissued a “positive” rating and set a $69.00 price objective on shares of Ovintiv in a report on Friday, July 24th. Finally, Citigroup lifted their target price on Ovintiv from $66.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

Ovintiv Price Performance

The stock has a market capitalization of $19.35 billion, a price-to-earnings ratio of 11.37 and a beta of 0.65. The stock has a 50-day moving average price of $63.87 and a 200 day moving average price of $59.66. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, equities research analysts expect that Ovintiv Inc. will post 7.58 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.7%. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

Insider Activity at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.85% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently modified their holdings of the company. Integrated Wealth Concepts LLC grew its holdings in shares of Ovintiv by 5.0% in the second quarter. Integrated Wealth Concepts LLC now owns 5,460 shares of the company’s stock valued at $287,000 after purchasing an additional 260 shares in the last quarter. CX Institutional increased its stake in Ovintiv by 1.0% during the 2nd quarter. CX Institutional now owns 28,363 shares of the company’s stock worth $1,493,000 after buying an additional 276 shares during the period. Root Financial Partners LLC increased its stake in Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after buying an additional 277 shares during the period. Sanctuary Advisors LLC lifted its holdings in Ovintiv by 2.6% during the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after buying an additional 324 shares in the last quarter. Finally, Arizona State Retirement System lifted its holdings in Ovintiv by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 78,181 shares of the company’s stock worth $4,116,000 after buying an additional 358 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.