Ovintiv (NYSE:OVV) Stock Price Up 5.6% After Analyst Upgrade

Ovintiv Inc. (NYSE:OVV) was up 5.6% during mid-day trading on Monday after Truist Financial raised their price target on the stock from $59.00 to $60.00. Truist Financial currently has a buy rating on the stock. Ovintiv traded as high as $46.06 and last traded at $46.04. Approximately 977,595 shares changed hands during mid-day trading, a decline of 53% from the average daily volume of 2,079,708 shares. The stock had previously closed at $43.61.

Several other brokerages have also recently issued reports on OVV. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $55.00 to $54.00 in a report on Monday. UBS Group lowered their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Morgan Stanley reduced their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Scotiabank raised their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.81.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in the company. Raymond James & Associates increased its holdings in shares of Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after purchasing an additional 2,275 shares in the last quarter. Quarry LP boosted its position in shares of Ovintiv by 89.1% during the second quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after buying an additional 19,272 shares during the last quarter. Franklin Resources Inc. increased its holdings in Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after buying an additional 37,341 shares in the last quarter. Smead Capital Management Inc. raised its position in Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after buying an additional 212,535 shares during the last quarter. Finally, Retirement Systems of Alabama lifted its stake in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after acquiring an additional 13,536 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The business’s fifty day moving average price is $42.03 and its 200-day moving average price is $42.51. The stock has a market cap of $11.90 billion, a PE ratio of 6.06 and a beta of 2.63.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.63%. Ovintiv’s dividend payout ratio is presently 15.92%.

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.