Ovintiv (NYSE:OVV) Reaches New 52-Week Low at $38.99

Ovintiv Inc. (NYSE:OVV) shares hit a new 52-week low during trading on Monday . The company traded as low as $38.99 and last traded at $39.64, with a volume of 114876 shares changing hands. The stock had previously closed at $41.59.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Barclays began coverage on shares of Ovintiv in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price target on the stock. Scotiabank boosted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Wolfe Research began coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective for the company. Morgan Stanley boosted their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Finally, Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $61.06.

Ovintiv Stock Performance

The firm has a market cap of $10.89 billion, a P/E ratio of 5.70, a P/E/G ratio of 7.30 and a beta of 2.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.52 and a current ratio of 0.44. The company’s 50 day moving average is $46.82 and its 200 day moving average is $48.19.

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

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.94%. The ex-dividend date is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Insider Buying and Selling at Ovintiv

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. American National Bank bought a new position in shares of Ovintiv during the first quarter valued at about $27,000. Avalon Trust Co bought a new position in shares of Ovintiv during the fourth quarter valued at about $34,000. Innealta Capital LLC bought a new position in shares of Ovintiv during the second quarter valued at about $39,000. Geneos Wealth Management Inc. lifted its position in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares in the last quarter. Finally, Atlas Capital Advisors LLC purchased a new stake in Ovintiv during the first quarter worth about $74,000. 83.81% of the stock is owned by institutional investors.

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.