Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Ovintiv (NYSE:OVV - Free Report) had its target price lifted by Wells Fargo & Company from $44.00 to $45.00 in a report released on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other equities analysts have also recently issued reports on OVV. Mizuho reduced their price target on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Williams Trading set a $58.00 target price on Ovintiv in a report on Wednesday, March 5th. Truist Financial raised their target price on Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, January 13th. JPMorgan Chase & Co. reduced their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, UBS Group lowered their price objective on Ovintiv from $59.00 to $56.00 and set a "buy" rating for the company in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $56.79.

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Ovintiv Trading Up 3.8 %

NYSE:OVV traded up $1.59 during trading hours on Thursday, hitting $43.05. The company had a trading volume of 3,673,243 shares, compared to its average volume of 2,960,300. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a 50-day moving average price of $42.80 and a 200 day moving average price of $41.80. The company has a market capitalization of $11.21 billion, a PE ratio of 5.71 and a beta of 2.55. Ovintiv has a 52 week low of $36.62 and a 52 week high of $55.95.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given 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 2.79%. Ovintiv's dividend payout ratio (DPR) is 28.57%.

Institutional Investors Weigh In On Ovintiv

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

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.