Scotiabank Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target lifted by Scotiabank from $50.00 to $53.00 in a report published on Monday,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

A number of other research analysts have also recently weighed in on the stock. 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. Citigroup cut their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. UBS Group reduced their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Evercore ISI dropped their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Finally, Barclays upped their target price on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Five investment 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 company’s stock. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Price Performance

Shares of NYSE OVV opened at $46.59 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $12.13 billion, a price-to-earnings ratio of 6.18 and a beta of 2.62. The firm’s 50 day simple moving average is $41.22 and its 200-day simple moving average is $44.34. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95.

Ovintiv Announces Dividend

The business 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 $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Drive Wealth Management LLC increased its position in Ovintiv by 2.5% during the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after purchasing an additional 251 shares during the last quarter. CIBC Asset Management Inc grew its stake in shares of Ovintiv by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after buying an additional 280 shares during the period. UMB Bank n.a. increased its holdings in shares of Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after buying an additional 286 shares during the last quarter. Covestor Ltd raised its position in shares of Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after buying an additional 293 shares during the period. Finally, OneDigital Investment Advisors LLC lifted its holdings in Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after acquiring an additional 298 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.