Ovintiv Inc. (NYSE:OVV) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have earned a consensus rating of "Moderate Buy" from the eighteen research firms that are covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $56.78.

A number of research analysts recently issued reports on OVV shares. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday. Wells Fargo & Company boosted their price target on Ovintiv from $44.00 to $45.00 and gave the company an "equal weight" rating in a report on Thursday. Mizuho reduced their price target on Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. JPMorgan Chase & Co. reduced their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, UBS Group lowered their target price on Ovintiv from $59.00 to $56.00 and set a "buy" rating for the company in a research note on Monday, December 9th.

Institutional Investors Weigh In On Ovintiv

Large investors have recently made changes to their positions in the company. Pacer Advisors Inc. lifted 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 buying an additional 6,486,159 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock valued at $137,134,000 after buying an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Ovintiv by 1,577.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock valued at $99,587,000 after buying an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in shares of Ovintiv by 243.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after buying an additional 1,818,337 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after buying an additional 1,348,221 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

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Ovintiv Trading Down 1.4 %

Shares of NYSE OVV traded down $0.60 during midday trading on Wednesday, reaching $41.52. The company had a trading volume of 22,256,954 shares, compared to its average volume of 2,956,968. Ovintiv has a one year low of $36.62 and a one year high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm's fifty day moving average price is $42.80 and its 200-day moving average price is $41.79. The stock has a market cap of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.30 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.89%. Ovintiv's payout ratio is 28.57%.

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.