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

Shares of Ovintiv Inc. (NYSE:OVV - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eighteen research firms that are covering the stock, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $56.65.

A number of equities research analysts recently weighed in on OVV shares. JPMorgan Chase & Co. cut their price objective on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Scotiabank lifted their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a research note on Monday, November 18th. Citigroup cut their price objective on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, November 26th. Evercore ISI cut their price objective on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Finally, Mizuho dropped their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 9th.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of OVV. True Wealth Design LLC grew its stake in Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after acquiring an additional 636 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Ovintiv in the 2nd quarter valued at approximately $39,000. UMB Bank n.a. grew its stake in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after buying an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new stake in shares of Ovintiv in the 3rd quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv in the 2nd quarter worth approximately $69,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

OVV stock traded up $0.17 during mid-day trading on Monday, reaching $41.37. The company had a trading volume of 2,736,350 shares, compared to its average volume of 3,072,925. 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 stock has a market capitalization of $10.77 billion, a P/E ratio of 5.50 and a beta of 2.63. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The stock's 50-day simple moving average is $42.31 and its two-hundred day simple moving average is $43.81.

Ovintiv Announces Dividend

The business 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 of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.90%. Ovintiv's dividend payout ratio is currently 15.92%.

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.