Ovintiv Inc. (NYSE:OVV) Given Consensus Recommendation of “Moderate Buy” by Analysts

Ovintiv Inc. (NYSE:OVV) has been assigned a consensus recommendation of “Moderate Buy” from the eighteen ratings firms that are presently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $57.00.

OVV has been the subject of a number of research reports. Citigroup dropped their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Morgan Stanley lowered their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Mizuho lowered their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company lowered their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $40.39 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The firm has a fifty day moving average price of $41.12 and a 200 day moving average price of $45.68. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of 5.64, a P/E/G ratio of 7.76 and a beta of 2.61.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. As a group, sell-side analysts expect that Ovintiv will post 4.87 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.97%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio is presently 16.76%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP increased its stake in Ovintiv by 89.1% in the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after buying an additional 19,272 shares during the period. Wedge Capital Management L L P NC increased its stake in Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after buying an additional 106,900 shares during the period. FORA Capital LLC purchased a new position in Ovintiv in the 1st quarter worth about $4,244,000. Jacobs Levy Equity Management Inc. purchased a new position in Ovintiv in the 1st quarter worth about $1,149,000. Finally, Canandaigua National Bank & Trust Co. purchased a new position in Ovintiv in the 2nd quarter worth about $1,441,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.