Ovintiv (NYSE:OVV) Price Target Raised to $59.00

Ovintiv (NYSE:OVV - Free Report) had its price target lifted by Barclays from $57.00 to $59.00 in a report released on Thursday,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the company. Mizuho reduced their price objective on Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Citigroup decreased their target price on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, November 26th. Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Wells Fargo & Company reduced their target price on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating for the company in a report on Tuesday, December 17th. Finally, Truist Financial lifted their price target on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $56.88.

Ovintiv Stock Performance

NYSE:OVV traded down $0.20 during trading hours on Thursday, hitting $42.02. 3,278,093 shares of the company were exchanged, compared to its average volume of 2,531,947. The stock has a market capitalization of $10.94 billion, a price-to-earnings ratio of 5.57 and a beta of 2.63. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company's 50 day moving average price is $42.45 and its 200-day moving average price is $42.22. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) 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 business had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the firm posted $1.74 earnings per share. As a group, research analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

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 dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date was Friday, December 13th. Ovintiv's dividend payout ratio is currently 15.92%.

Institutional Trading of Ovintiv

A number of institutional investors have recently made changes to their positions in OVV. True Wealth Design LLC raised its position in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after purchasing an additional 636 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after buying an additional 360 shares during the last quarter. UMB Bank n.a. grew its position 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 valued at $50,000 after purchasing an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new position in Ovintiv during the third quarter worth about $65,000. Finally, Covestor Ltd raised its position in Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company's stock valued at $70,000 after purchasing an additional 560 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

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.