Ovintiv (NYSE:OVV) Reaches New 1-Year Low at $37.41

Ovintiv Inc. (NYSE:OVV - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $37.41 and last traded at $37.42, with a volume of 619187 shares. The stock had previously closed at $38.84.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on OVV. Royal Bank of Canada decreased their price objective on Ovintiv from $62.00 to $61.00 and set a "sector perform" rating on the stock in a report on Thursday, August 1st. Bank of America reaffirmed a "neutral" rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. TD Cowen boosted their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a "buy" rating in a report on Monday, June 10th. Truist Financial upped their target price on shares of Ovintiv from $60.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. dropped their price target on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $59.83.

Ovintiv Stock Performance

The stock has a market capitalization of $9.75 billion, a PE ratio of 5.17, a price-to-earnings-growth ratio of 7.32 and a beta of 2.62. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The stock has a fifty day moving average of $42.50 and a 200-day moving average of $47.40.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.53 billion. Equities analysts anticipate that Ovintiv Inc. will post 5.26 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.24%. Ovintiv's dividend payout ratio is currently 16.76%.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently bought and sold shares of OVV. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Ovintiv in the 2nd quarter valued at about $164,000. Sanctuary Advisors LLC acquired a new stake in Ovintiv during the second quarter worth approximately $302,000. Cetera Investment Advisers lifted its position in shares of Ovintiv by 1.0% during the 2nd quarter. Cetera Investment Advisers now owns 37,466 shares of the company's stock worth $1,756,000 after buying an additional 353 shares during the last quarter. Quarry LP boosted its holdings in shares of Ovintiv by 89.1% in the 2nd quarter. Quarry LP now owns 40,902 shares of the company's stock valued at $1,917,000 after buying an additional 19,272 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Ovintiv by 21.5% in the 2nd quarter. NewEdge Advisors LLC now owns 27,293 shares of the company's stock valued at $1,279,000 after buying an additional 4,827 shares in the last quarter. Hedge funds and other institutional investors 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.