Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Barclays Analyst Says

Ovintiv (NYSE:OVV - Free Report) had its price target raised by Barclays from $53.00 to $57.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other equities analysts have also weighed in on the company. Evercore ISI cut their target price on Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Citigroup lowered their price target on Ovintiv from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, October 7th. Morgan Stanley lowered their price target on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. Wolfe Research started coverage on Ovintiv in a report on Thursday, July 18th. They set an "outperform" rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company decreased their price objective on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating for the company in a report on Tuesday, October 1st. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of "Moderate Buy" and a consensus price target of $57.00.

Ovintiv Trading Down 2.1 %

Shares of OVV traded down $0.92 during trading hours on Friday, hitting $43.80. 3,799,662 shares of the stock traded hands, compared to its average volume of 3,084,034. 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 1-year low of $36.90 and a 1-year high of $55.95. The firm has a market capitalization of $11.40 billion, a PE ratio of 5.87, a price-to-earnings-growth ratio of 7.64 and a beta of 2.62. The business has a fifty day moving average of $40.64 and a 200-day moving average of $44.56.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 2.74%. Ovintiv's dividend payout ratio (DPR) is presently 15.92%.

Institutional Trading of Ovintiv

A number of institutional investors have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its position in shares of Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock valued at $250,687,000 after purchasing an additional 6,486,159 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company's stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. increased its position in shares of Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company's stock valued at $52,064,000 after acquiring an additional 1,340,947 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its position in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company's stock valued at $314,623,000 after acquiring an additional 1,207,610 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company's stock valued at $1,456,072,000 after acquiring an additional 1,024,931 shares during the last quarter. 83.81% of the stock is currently owned by 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.