Ovintiv (NYSE:OVV) Earns "Overweight" Rating from Morgan Stanley

Morgan Stanley reissued their overweight rating on shares of Ovintiv (NYSE:OVV - Free Report) in a report released on Wednesday, MarketBeat.com reports. Morgan Stanley currently has a $57.00 price target on the stock.

OVV has been the subject of several other reports. Williams Trading set a $58.00 target price on Ovintiv in a report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price objective on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Barclays raised their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Bank of America upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and reduced their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. Finally, Mizuho dropped their price objective on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $57.17.

Ovintiv Trading Down 2.5 %

Shares of Ovintiv stock traded down $1.08 on Wednesday, hitting $42.24. 3,026,647 shares of the company traded hands, compared to its average volume of 3,066,342. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.00 billion, a PE ratio of 5.60 and a beta of 2.55. The stock's 50 day moving average price is $42.59 and its 200-day moving average price is $41.90. Ovintiv has a 52 week low of $36.62 and a 52 week high of $55.95.

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Ovintiv Announces Dividend

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

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC raised its stake in Ovintiv by 198.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 39,622 shares of the company's stock worth $1,605,000 after acquiring an additional 26,366 shares during the last quarter. PKO Investment Management Joint Stock Co purchased a new position in shares of Ovintiv in the fourth quarter worth about $344,000. Siemens Fonds Invest GmbH acquired a new stake in shares of Ovintiv during the fourth quarter worth about $1,348,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Ovintiv during the fourth quarter worth about $4,949,000. Finally, Jefferies Financial Group Inc. purchased a new stake in Ovintiv in the fourth quarter valued at approximately $5,289,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.