Ovintiv (NYSE:OVV) Shares Up 4.5% - Still a Buy?

Ovintiv Inc. (NYSE:OVV - Get Free Report) shares were up 4.5% during trading on Monday . The stock traded as high as $40.53 and last traded at $40.41. Approximately 1,148,005 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 3,061,130 shares. The stock had previously closed at $38.68.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of research analyst reports. Evercore ISI dropped their price objective on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, September 30th. Truist Financial upped their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. UBS Group lowered their price objective on shares of Ovintiv from $59.00 to $56.00 and set a "buy" rating for the company in a research note on Monday, December 9th. Barclays upped their price objective on Ovintiv from $53.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, November 15th. Finally, 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. Five 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 company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $56.59.

Ovintiv Price Performance

The company has a market cap of $10.36 billion, a PE ratio of 5.28 and a beta of 2.63. The business's 50 day moving average price is $41.63 and its 200-day moving average price is $42.84. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's payout ratio is 15.92%.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently bought and sold shares of the business. Drive Wealth Management LLC boosted its stake in shares of Ovintiv by 2.5% during the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company's stock valued at $395,000 after buying an additional 251 shares during the last quarter. CIBC Asset Management Inc raised its holdings in Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company's stock valued at $304,000 after acquiring an additional 280 shares in the last quarter. UMB Bank n.a. boosted its stake in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after acquiring an additional 286 shares during the last quarter. OneDigital Investment Advisors LLC grew its holdings in Ovintiv by 5.2% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company's stock worth $231,000 after acquiring an additional 298 shares in the last quarter. Finally, Stifel Financial Corp increased its position in shares of Ovintiv by 1.6% in the 3rd quarter. Stifel Financial Corp now owns 20,385 shares of the company's stock worth $781,000 after purchasing an additional 322 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

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.