Truist Financial Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price objective upped by Truist Financial from $57.00 to $59.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently issued reports on OVV. UBS Group cut their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Mizuho cut their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Royal Bank of Canada decreased their price target on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. Wells Fargo & Company cut their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Finally, Morgan Stanley reduced their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Five investment 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Stock Down 2.1 %

OVV stock traded down $0.93 during midday trading on Friday, hitting $43.79. 3,799,665 shares of the company’s stock were exchanged, compared to its average volume of 3,084,034. The firm has a 50 day moving average price of $40.71 and a 200-day moving average price of $44.50. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 5.81, a price-to-earnings-growth ratio of 7.64 and a beta of 2.62. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Drive Wealth Management LLC raised its stake in Ovintiv by 2.5% during the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock valued at $395,000 after acquiring an additional 251 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Ovintiv by 3.7% during the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after purchasing an additional 280 shares in the last quarter. UMB Bank n.a. lifted its holdings in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the period. Covestor Ltd grew its position in Ovintiv by 23.1% in the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after buying an additional 293 shares in the last quarter. Finally, OneDigital Investment Advisors LLC grew its position in Ovintiv by 5.2% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after buying an additional 298 shares in the last quarter. 83.81% of the stock is owned by 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.