Ovintiv (NYSE:OVV) Rating Increased to Outperform at BMO Capital Markets

BMO Capital Markets upgraded shares of Ovintiv (NYSE:OVV - Free Report) from a market perform rating to an outperform rating in a report published on Monday, Marketbeat reports. They currently have $57.00 price target on the stock, up from their prior price target of $55.00.

A number of other equities research analysts also recently weighed in on the stock. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and cut their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Truist Financial lifted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Williams Trading set a $58.00 price objective on Ovintiv in a research report on Wednesday, March 5th. Finally, Wells Fargo & Company raised their price objective on Ovintiv from $44.00 to $45.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 20th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $57.17.

Remove Ads

Ovintiv Price Performance

Shares of NYSE OVV traded down $1.08 during mid-day trading on Monday, reaching $42.24. 3,026,647 shares of the company traded hands, compared to its average volume of 3,066,342. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The firm has a market cap of $11.00 billion, a PE ratio of 5.60 and a beta of 2.55. The stock has a fifty day simple moving average of $42.59 and a 200-day simple moving average of $41.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv's dividend payout ratio is 28.57%.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Pathstone Holdings LLC grew its holdings in Ovintiv by 82.2% in the 3rd quarter. Pathstone Holdings LLC now owns 41,645 shares of the company's stock valued at $1,595,000 after buying an additional 18,783 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Ovintiv in the third quarter valued at approximately $215,000. Advisors Asset Management Inc. boosted its position in shares of Ovintiv by 88.3% in the third quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company's stock valued at $434,000 after acquiring an additional 5,315 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Ovintiv by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company's stock worth $71,587,000 after acquiring an additional 133,192 shares during the last quarter. Finally, Citigroup Inc. increased its position in Ovintiv by 3.5% during the third quarter. Citigroup Inc. now owns 450,565 shares of the company's stock worth $17,261,000 after acquiring an additional 15,066 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

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.