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 research note published on Monday, Marketbeat Ratings reports. They currently have $57.00 price objective on the stock, up from their prior price objective of $55.00.

OVV has been the topic of several other reports. UBS Group lowered their price objective on Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research note on Monday, December 9th. Citigroup lowered their price target on Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, November 26th. Mizuho dropped their price objective on Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. Truist Financial boosted their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Finally, Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $56.79.

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Ovintiv Stock Performance

OVV traded up $0.76 during trading on Monday, reaching $43.77. 3,113,878 shares of the company's stock were exchanged, compared to its average volume of 2,955,891. The company has a market capitalization of $11.40 billion, a P/E ratio of 5.81 and a beta of 2.55. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business has a 50 day moving average price of $42.75 and a 200 day moving average price of $41.84. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. Ovintiv's dividend payout ratio (DPR) is 28.57%.

Hedge Funds Weigh In On Ovintiv

A number of large investors have recently bought and sold shares of the company. Pathstone Holdings LLC increased its stake 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 acquired a new stake in shares of Ovintiv in the third quarter valued at about $215,000. Advisors Asset Management Inc. raised its holdings in Ovintiv by 88.3% during the third quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company's stock worth $434,000 after acquiring an additional 5,315 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company's stock valued at $71,587,000 after purchasing an additional 133,192 shares during the last quarter. Finally, Citigroup Inc. grew its stake in Ovintiv by 3.5% in the third quarter. Citigroup Inc. now owns 450,565 shares of the company's stock valued at $17,261,000 after purchasing an additional 15,066 shares in the last quarter. Institutional investors and hedge funds 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.