Ovintiv (NYSE:OVV) Price Target Raised to $90.00

Ovintiv (NYSE:OVV) had its target price upped by Royal Bank Of Canada from $85.00 to $90.00 in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The brokerage currently has an outperform rating on the stock.

OVV has been the subject of a number of other research reports. Seaport Research Partners started coverage on shares of Ovintiv in a report on Thursday, September 3rd. They set a “neutral” rating for the company. Stephens reiterated a “positive” rating and issued a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. Morgan Stanley set a $67.00 target price on shares of Ovintiv in a report on Wednesday, August 19th. Citigroup lifted their price target on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Scotia lifted their price target on shares of Ovintiv from $70.00 to $75.00 and gave the stock a “sector outperform” rating in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $70.64.

Ovintiv Price Performance

Ovintiv stock opened at $66.02 on Tuesday. The firm has a market capitalization of $18.19 billion, a P/E ratio of 10.84 and a beta of 0.65. Ovintiv has a 1 year low of $35.47 and a 1 year high of $67.51. The business has a 50-day moving average of $63.40 and a 200-day moving average of $59.43. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. On average, equities analysts anticipate that Ovintiv will post 7.28 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.8%. Ovintiv’s dividend payout ratio (DPR) is currently 33.90%.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.85% of the stock is owned by company insiders.

Institutional Trading of Ovintiv

A number of large investors have recently bought and sold shares of OVV. Man Group plc bought a new stake in shares of Ovintiv during the second quarter worth $936,000. Bank of America Corp DE acquired a new stake in shares of Ovintiv during the second quarter worth $79,475,000. Corient Private Wealth LP bought a new stake in Ovintiv in the 2nd quarter valued at $9,481,000. PensionDanmark Pensionsforsikringsaktieselskab bought a new stake in Ovintiv in the 2nd quarter valued at $4,738,000. Finally, Core Capital Management & Research inc. bought a new stake in Ovintiv in the 2nd quarter valued at $4,716,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Company Profile

Ovintiv Inc (NYSE: OVV) is an energy company engaged in the exploration, development, production and operation of oil and natural gas properties. Its production includes crude oil, condensate, plant condensate, natural gas liquids and natural gas.

The company’s operations are concentrated in North America, with core assets in the Permian Basin, Uinta Basin and Anadarko Basin in the United States, as well as the Montney region in western Canada. Ovintiv also owns and operates related processing, gathering and other midstream infrastructure that supports the production and transportation of its energy products.

Ovintiv was formerly known as Encana Corporation and adopted its current name in 2020.