Ovintiv Inc. (NYSE:OVV) Given Average Rating of "Moderate Buy" by Analysts

Ovintiv Inc. (NYSE:OVV - Get Free Report) has been given an average rating of "Moderate Buy" by the eighteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation, thirteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $56.88.

OVV has been the subject of a number of recent research reports. Scotiabank boosted their price target 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. Wells Fargo & Company decreased their price objective on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating for the company in a report on Tuesday, December 17th. Mizuho dropped their target price on Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. 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 report on Tuesday, November 26th. Finally, Siebert Williams Shank upgraded shares of Ovintiv to a "strong-buy" rating in a report on Tuesday, October 15th.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently modified their holdings of OVV. Bank of Montreal Can lifted its holdings in Ovintiv by 31.3% during the second quarter. Bank of Montreal Can now owns 208,126 shares of the company's stock valued at $9,782,000 after purchasing an additional 49,642 shares in the last quarter. AXA S.A. purchased a new position in shares of Ovintiv in the 2nd quarter worth approximately $651,000. MBB Public Markets I LLC raised its position in Ovintiv by 341.7% in the 2nd quarter. MBB Public Markets I LLC now owns 17,212 shares of the company's stock worth $807,000 after purchasing an additional 13,315 shares during the period. Mackenzie Financial Corp boosted its holdings in Ovintiv by 128.3% during the 2nd quarter. Mackenzie Financial Corp now owns 360,148 shares of the company's stock valued at $16,880,000 after acquiring an additional 202,406 shares during the period. Finally, Magnolia Capital Advisors LLC purchased a new position in Ovintiv in the 2nd quarter worth about $1,581,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Trading Down 3.7 %

NYSE:OVV traded down $1.62 during trading hours on Tuesday, hitting $42.25. 2,551,570 shares of the company were exchanged, compared to its average volume of 2,449,120. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.63. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The company has a fifty day simple moving average of $42.54 and a 200 day simple moving average of $42.36. 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 (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.76. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The company had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the business posted $1.74 EPS. Sell-side analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.84%. The ex-dividend date was Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is 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.