UBS Group Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV) had its price target hoisted by UBS Group from $57.00 to $59.00 in a report published on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts also recently weighed in on OVV. Scotiabank lifted their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday. Morgan Stanley cut their price target on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Citigroup cut their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Finally, Mizuho cut their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Trading Up 2.6 %

Shares of Ovintiv stock opened at $45.75 on Monday. The stock has a market cap of $11.91 billion, a price-to-earnings ratio of 6.07 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a fifty day simple moving average of $41.06 and a 200-day simple moving average of $44.32.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 2.62%. Ovintiv’s payout ratio is 15.92%.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Drive Wealth Management LLC lifted its stake in Ovintiv by 2.5% in the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock valued at $395,000 after buying an additional 251 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after acquiring an additional 280 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares during the period. Covestor Ltd raised its holdings in Ovintiv by 23.1% during the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares in the last quarter. Finally, OneDigital Investment Advisors LLC lifted its position in Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock worth $231,000 after purchasing an additional 298 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.