Ovintiv Inc. (NYSE:OVV) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have received a consensus rating of “Moderate Buy” from the eighteen brokerages that are currently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $56.59.

A number of equities research analysts have recently weighed in on OVV shares. Mizuho cut their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Scotiabank raised their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Wells Fargo & Company reduced their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Finally, Citigroup reduced their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Nordea Investment Management AB increased its position in Ovintiv by 25.3% during the fourth quarter. Nordea Investment Management AB now owns 19,716 shares of the company’s stock worth $796,000 after acquiring an additional 3,986 shares during the period. Everence Capital Management Inc. acquired a new stake in Ovintiv in the 4th quarter worth $449,000. Modus Advisors LLC increased its holdings in shares of Ovintiv by 3.1% during the 4th quarter. Modus Advisors LLC now owns 111,958 shares of the company’s stock worth $4,534,000 after purchasing an additional 3,401 shares during the period. JPMorgan Chase & Co. raised its position in shares of Ovintiv by 0.5% during the third quarter. JPMorgan Chase & Co. now owns 1,172,375 shares of the company’s stock valued at $44,914,000 after buying an additional 5,832 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of Ovintiv by 4.4% during the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after buying an additional 13,536 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 1.0 %

Shares of NYSE:OVV opened at $41.83 on Friday. The company has a quick ratio of 0.52, a current 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 firm has a fifty day moving average of $41.81 and a two-hundred day moving average of $42.59. The firm has a market capitalization of $10.89 billion, a P/E ratio of 5.55 and a beta of 2.63.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is currently 15.92%.

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.