Ovintiv Inc. (NYSE:OVV) Receives $66.89 Average PT from Brokerages

Shares of Ovintiv Inc. (NYSE:OVV) have earned an average rating of “Moderate Buy” from the twenty-two research firms that are currently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, eighteen have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $66.8947.

A number of research analysts recently weighed in on the company. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Wells Fargo & Company raised Ovintiv from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $57.00 to $80.00 in a research report on Monday, June 22nd. Stephens reiterated a “positive” rating and set a $69.00 price target on shares of Ovintiv in a report on Friday, July 24th. Wall Street Zen raised shares of Ovintiv from a “hold” rating to a “buy” rating in a research report on Saturday, July 25th. Finally, Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th.

Ovintiv Price Performance

NYSE OVV opened at $61.75 on Friday. Ovintiv has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The stock’s 50-day moving average is $56.56 and its two-hundred day moving average is $54.16. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $17.01 billion, a P/E ratio of 17.44 and a beta of 0.53.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The company had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. On average, analysts anticipate that Ovintiv will post 6.87 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv’s dividend payout ratio (DPR) is presently 33.90%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OVV. Oppenheimer Asset Management Inc. bought a new stake in Ovintiv during the second quarter valued at about $857,000. Dockside LLC bought a new position in shares of Ovintiv in the second quarter worth about $3,398,000. PensionDanmark Pensionsforsikringsaktieselskab bought a new position in shares of Ovintiv in the second quarter worth about $4,738,000. Foster Group Inc. lifted its position in shares of Ovintiv by 14.8% during the 2nd quarter. Foster Group Inc. now owns 85,620 shares of the company’s stock worth $4,508,000 after purchasing an additional 11,037 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of Ovintiv by 11.6% during the 2nd quarter. GAMMA Investing LLC now owns 12,905 shares of the company’s stock worth $679,000 after purchasing an additional 1,345 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.