Evercore ISI Cuts Ovintiv (NYSE:OVV) Price Target to $54.00

Ovintiv (NYSE:OVV) had its price target trimmed by Evercore ISI from $60.00 to $54.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research firms also recently weighed in on OVV. UBS Group reduced their price target on shares of Ovintiv from $61.00 to $57.00 and set a buy rating on the stock in a research note on Wednesday, September 18th. Royal Bank of Canada cut their target price on shares of Ovintiv from $62.00 to $61.00 and set a sector perform rating on the stock in a research report on Thursday, August 1st. JPMorgan Chase & Co. lowered their price target on shares of Ovintiv from $60.00 to $51.00 and set an overweight rating for the company in a report on Thursday, September 12th. Bank of America reissued a neutral rating and set a $55.00 price objective on shares of Ovintiv in a report on Friday, June 14th. Finally, Wells Fargo & Company lowered their target price on Ovintiv from $52.00 to $51.00 and set an equal weight rating for the company in a report on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $58.17.

Ovintiv Stock Up 2.3 %

Shares of OVV opened at $41.25 on Monday. The firm has a 50 day simple moving average of $41.73 and a two-hundred day simple moving average of $46.98. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The company has a market cap of $10.87 billion, a P/E ratio of 5.76, a P/E/G ratio of 6.82 and a beta of 2.62.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Research analysts forecast that Ovintiv will post 5.26 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.91%. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently modified their holdings of the company. Trexquant Investment LP bought a new stake in shares of Ovintiv during the 4th quarter valued at about $305,000. TD Asset Management Inc grew its position in shares of Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after buying an additional 29,449 shares during the period. Treasurer of the State of North Carolina grew its position in shares of Ovintiv by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 119,214 shares of the company’s stock worth $5,236,000 after buying an additional 1,132 shares during the period. Bank of Nova Scotia increased its stake in shares of Ovintiv by 459.5% in the 4th quarter. Bank of Nova Scotia now owns 285,577 shares of the company’s stock valued at $12,542,000 after acquiring an additional 234,535 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Ovintiv by 70.1% during the 4th quarter. KBC Group NV now owns 71,913 shares of the company’s stock valued at $3,159,000 after acquiring an additional 29,638 shares during the period. 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.