Truist Financial Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV - Free Report) had its price objective boosted by Truist Financial from $59.00 to $60.00 in a report released on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other research analysts have also recently weighed in on OVV. Evercore ISI reduced their target price on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a research report on Monday, September 30th. UBS Group decreased their target price on shares of Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research report on Monday, December 9th. Barclays lifted their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. Citigroup reduced their price target on Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, November 26th. Finally, Siebert Williams Shank raised Ovintiv to a "strong-buy" rating in a report on Tuesday, October 15th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $56.81.

Ovintiv Stock Up 2.2 %

Shares of OVV stock traded up $0.94 on Monday, hitting $44.55. 4,917,654 shares of the stock were exchanged, compared to its average volume of 2,695,536. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The business has a 50-day moving average of $42.12 and a 200 day moving average of $42.49. The firm has a market capitalization of $11.60 billion, a P/E ratio of 5.91 and a beta of 2.63. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 2.69%. Ovintiv's dividend payout ratio (DPR) is 15.92%.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of OVV. Pacer Advisors Inc. raised its stake 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 purchasing an additional 6,486,159 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company's stock worth $141,889,000 after buying an additional 1,618,556 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Ovintiv by 7,422.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company's stock valued at $52,064,000 after acquiring an additional 1,340,947 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Ovintiv by 17.2% in the third 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. Finally, Victory Capital Management Inc. grew its stake in Ovintiv by 42.6% during the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company's stock valued at $44,991,000 after acquiring an additional 350,909 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

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.