National Bankshares Raises Ovintiv (NYSE:OVV) Price Target to $56.00

Ovintiv (NYSE:OVV - Free Report) had its price target raised by National Bankshares from $51.00 to $56.00 in a report issued on Thursday,BayStreet.CA reports. The firm currently has an outperform rating on the stock.

A number of other brokerages have also recently commented on OVV. Scotiabank increased their target price on Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a report on Monday, November 18th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Wells Fargo & Company decreased their price target on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating for the company in a research note on Tuesday, December 17th. Citigroup decreased their target price on Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, November 26th. Finally, Barclays boosted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Ovintiv currently has an average rating of "Moderate Buy" and a consensus price target of $56.88.

Ovintiv Stock Down 0.5 %

NYSE OVV traded down $0.20 during trading hours on Thursday, hitting $42.02. 3,276,993 shares of the company were exchanged, compared to its average volume of 2,498,283. The company has a 50 day moving average of $42.45 and a two-hundred day moving average of $42.22. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The firm has a market cap of $10.94 billion, a price-to-earnings ratio of 5.57 and a beta of 2.63.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.76. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. During the same quarter in the prior year, the business earned $1.74 EPS. Equities research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.86%. The ex-dividend date was Friday, December 13th. Ovintiv's payout ratio is 15.92%.

Hedge Funds Weigh In On Ovintiv

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC grew its holdings in Ovintiv by 0.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company's stock worth $2,647,000 after purchasing an additional 231 shares during the period. Drive Wealth Management LLC raised its position in Ovintiv by 2.5% in the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company's stock worth $395,000 after acquiring an additional 251 shares during the period. CIBC Asset Management Inc raised its position in Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company's stock worth $304,000 after acquiring an additional 280 shares during the period. Fifth Third Bancorp raised its position in Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company's stock worth $97,000 after acquiring an additional 282 shares during the period. Finally, UMB Bank n.a. increased its stake in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after purchasing an additional 286 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.