Ovintiv (NYSE:OVV) Price Target Lowered to $57.00 at UBS Group

Ovintiv (NYSE:OVV) had its price objective cut by UBS Group from $61.00 to $57.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Bank of America restated a neutral rating and set a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Royal Bank of Canada cut their price objective on Ovintiv from $62.00 to $61.00 and set a sector perform rating for the company in a research note on Thursday, August 1st. TD Cowen boosted their price objective on Ovintiv from $64.00 to $66.00 and gave the company a buy rating in a research note on Monday, June 10th. Evercore ISI reiterated an outperform rating and set a $60.00 price objective on shares of Ovintiv in a research note on Wednesday, July 10th. Finally, Truist Financial boosted their price objective on Ovintiv from $60.00 to $62.00 and gave the company a buy rating in a research note on Thursday, August 1st. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Ovintiv has an average rating of Moderate Buy and a consensus price target of $59.83.

Ovintiv Trading Up 0.3 %

Ovintiv stock opened at $40.50 on Wednesday. The business has a 50-day simple moving average of $43.00 and a two-hundred day simple moving average of $47.60. The company has a market cap of $10.68 billion, a P/E ratio of 5.66, a P/E/G ratio of 6.50 and a beta of 2.62. Ovintiv has a 52-week low of $37.81 and a 52-week high of $55.95. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Analysts predict that Ovintiv will post 5.63 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. Ovintiv’s dividend payout ratio is presently 16.76%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in OVV. Jump Financial LLC purchased a new position in Ovintiv in the 4th quarter worth approximately $478,000. Janney Montgomery Scott LLC boosted its position in shares of Ovintiv by 20.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 21,859 shares of the company’s stock valued at $960,000 after acquiring an additional 3,668 shares during the last quarter. Great Lakes Advisors LLC boosted its position in shares of Ovintiv by 38.0% during the 4th quarter. Great Lakes Advisors LLC now owns 8,839 shares of the company’s stock valued at $388,000 after acquiring an additional 2,436 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Ovintiv by 151.4% during the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 31,250 shares of the company’s stock valued at $1,373,000 after acquiring an additional 18,822 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Ovintiv by 10.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock valued at $631,000 after acquiring an additional 1,416 shares during the last quarter. 83.81% of the stock is 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.