Ovintiv (NYSE:OVV) Stock Price Up 5.6% After Analyst Upgrade

Ovintiv Inc. (NYSE:OVV - Get Free Report) was up 5.6% during trading on Monday after Truist Financial raised their price target on the stock from $59.00 to $60.00. Truist Financial currently has a buy rating on the stock. Ovintiv traded as high as $46.06 and last traded at $46.04. Approximately 977,595 shares changed hands during trading, a decline of 53% from the average daily volume of 2,079,708 shares. The stock had previously closed at $43.61.

Several other research firms also recently issued reports on OVV. Barclays increased their target price on Ovintiv from $53.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Siebert Williams Shank raised Ovintiv to a "strong-buy" rating in a report on Tuesday, October 15th. Scotiabank lifted 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. Mizuho lowered their price target 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. Finally, Citigroup cut their price objective on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Ovintiv has a consensus rating of "Moderate Buy" and a consensus price target of $56.81.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently made changes to their positions in the business. True Wealth Design LLC raised its position in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after purchasing an additional 636 shares during the period. UMB Bank n.a. increased its holdings 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 buying an additional 286 shares during the period. Transamerica Financial Advisors Inc. bought a new stake in shares of Ovintiv in the 3rd quarter valued at about $65,000. Covestor Ltd boosted its holdings in 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 period. Finally, Abich Financial Wealth Management LLC bought a new position in Ovintiv during the 3rd quarter worth approximately $122,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Trading Up 2.2 %

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 firm 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.

Ovintiv Announces Dividend

The company also recently announced 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 dividend yield of 2.69%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv's payout ratio is 15.92%.

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.