Ovintiv (NYSE:OVV) Rating Increased to Buy at Bank of America

Bank of America upgraded shares of Ovintiv (NYSE:OVV - Free Report) from a neutral rating to a buy rating in a research report sent to investors on Monday, MarketBeat reports. They currently have $54.00 price target on the stock, down from their previous price target of $55.00.

Several other brokerages have also recently issued reports on OVV. Wells Fargo & Company reduced their price objective 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. Mizuho dropped their price objective on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Scotiabank increased their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research note on Monday, November 18th. Morgan Stanley decreased their target price on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a research report on Monday, September 16th. Finally, Citigroup reduced their price objective on Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, November 26th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $56.81.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $0.94 during mid-day trading on Monday, hitting $44.55. The stock had a trading volume of 4,917,654 shares, compared to its average volume of 2,695,536. The firm has a market cap of $11.60 billion, a PE ratio of 5.91 and a beta of 2.63. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a 50 day moving average of $42.12 and a two-hundred day moving average of $42.49. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95.

Ovintiv Dividend Announcement

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OVV. True Wealth Design LLC lifted its position in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after buying an additional 636 shares in the last quarter. UMB Bank n.a. increased 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 worth $50,000 after acquiring an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. purchased a new position in shares of Ovintiv during the 3rd quarter worth $65,000. Covestor Ltd boosted its position in shares of Ovintiv by 43.9% during the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock valued at $70,000 after acquiring an additional 560 shares during the last quarter. Finally, Abich Financial Wealth Management LLC acquired a new position in shares of Ovintiv during the 3rd quarter valued at about $122,000. 83.81% of the stock is owned by institutional investors and hedge funds.

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.