Scotiabank Forecasts Strong Price Appreciation for Ovintiv (NYSE:OVV) Stock

Ovintiv (NYSE:OVV - Free Report) had its price objective hoisted by Scotiabank from $50.00 to $53.00 in a research report released on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Several other analysts also recently weighed in on OVV. Wells Fargo & Company cut their price target on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 1st. Siebert Williams Shank raised Ovintiv to a "strong-buy" rating in a research note on Tuesday, October 15th. Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 1st. Evercore ISI decreased their target price on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, September 30th. Finally, Citigroup decreased their price objective on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, October 7th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $56.71.

Ovintiv Stock Up 2.7 %

Ovintiv stock traded up $1.18 during trading hours on Monday, hitting $44.97. 3,774,854 shares of the stock traded hands, compared to its average volume of 3,087,131. The company has a market cap of $11.71 billion, a PE ratio of 5.96, a PEG ratio of 7.97 and a beta of 2.62. 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's 50-day moving average price is $40.71 and its two-hundred day moving average price is $44.41. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's dividend payout ratio is presently 15.92%.

Institutional Investors Weigh In On Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Ovintiv by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company's stock valued at $1,456,072,000 after acquiring an additional 1,024,931 shares during the period. Hotchkis & Wiley Capital Management LLC raised its stake in shares of Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company's stock valued at $314,623,000 after acquiring an additional 1,207,610 shares during the period. Pacer Advisors Inc. lifted its stake in Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock worth $250,687,000 after purchasing an additional 6,486,159 shares in the last quarter. Smead Capital Management Inc. increased its stake in Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company's stock worth $241,476,000 after purchasing an additional 212,535 shares during the period. Finally, Geode Capital Management LLC increased its stake in Ovintiv by 4.7% during the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company's stock worth $173,296,000 after buying an additional 205,409 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.