Ovintiv (NYSE:OVV) Price Target Raised to $53.00

Ovintiv (NYSE:OVV) had its target price increased by Scotiabank from $50.00 to $53.00 in a report issued on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

A number of other analysts have also recently issued reports on the stock. Evercore ISI cut their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. UBS Group dropped their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Royal Bank of Canada dropped their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. Finally, Mizuho dropped their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $56.71.

Ovintiv Stock Performance

Shares of OVV stock opened at $44.97 on Monday. The stock has a market cap of $11.71 billion, a P/E ratio of 5.96 and a beta of 2.62. 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 company has a fifty day moving average price of $40.80 and a two-hundred day moving average price of $44.36. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Institutional Investors Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Raymond James & Associates grew its holdings in shares of Ovintiv by 1.2% during the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after purchasing an additional 2,275 shares during the last quarter. Quarry LP grew its holdings in shares of Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after purchasing an additional 19,272 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Ovintiv by 25.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock valued at $25,090,000 after purchasing an additional 106,900 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Ovintiv during the 1st quarter valued at approximately $1,149,000. Finally, Canandaigua National Bank & Trust Co. bought a new stake in shares of Ovintiv during the 2nd quarter valued at approximately $1,441,000. 83.81% of the stock is owned by institutional investors.

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.