Ovintiv Inc. (NYSE:OVV) Receives Average Rating of "Buy" from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have been assigned an average rating of "Buy" from the seventeen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $56.06.

Several equities analysts have weighed in on the stock. Barclays lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Thursday, January 30th. Truist Financial upped their price target on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Mizuho dropped their target price on Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Colonial Trust Co SC acquired a new position in shares of Ovintiv in the fourth quarter valued at $28,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after acquiring an additional 360 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after acquiring an additional 335 shares in the last quarter. Optiver Holding B.V. bought a new stake in Ovintiv in the fourth quarter valued at about $40,000. Finally, Mizuho Bank Ltd. bought a new stake in Ovintiv in the fourth quarter valued at about $40,000. 83.81% of the stock is currently owned by institutional investors.

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Ovintiv Trading Down 0.4 %

Shares of OVV traded down $0.14 during midday trading on Friday, hitting $32.16. The stock had a trading volume of 2,977,506 shares, compared to its average volume of 3,160,298. Ovintiv has a fifty-two week low of $29.80 and a fifty-two week high of $54.23. The business has a 50-day simple moving average of $40.45 and a two-hundred day simple moving average of $41.59. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market cap of $8.37 billion, a P/E ratio of 4.26 and a beta of 2.04.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.73%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv's payout ratio is presently 28.57%.

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.