Ovintiv (NYSE:OVV) Given New $52.00 Price Target at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its target price lowered by Wells Fargo & Company from $54.00 to $52.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Other research analysts also recently issued research reports about the company. Mizuho increased their price target on Ovintiv from $58.00 to $64.00 and gave the stock a buy rating in a research note on Monday, May 13th. Wolfe Research started coverage on Ovintiv in a research note on Thursday, July 18th. They set an outperform rating and a $65.00 price target for the company. The Goldman Sachs Group increased their price target on Ovintiv from $47.00 to $56.00 and gave the stock a neutral rating in a research note on Tuesday, March 26th. Evercore ISI reiterated an outperform rating and set a $60.00 price target on shares of Ovintiv in a research note on Wednesday, July 10th. Finally, Barclays began coverage on Ovintiv in a research note on Wednesday, April 10th. They set an overweight rating and a $69.00 price target for the company. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $60.33.

Ovintiv Price Performance

Shares of OVV opened at $45.64 on Monday. The stock has a market cap of $12.18 billion, a P/E ratio of 6.37 and a beta of 2.63. The business’s fifty day moving average is $47.72 and its 200 day moving average is $47.96. Ovintiv has a 12-month low of $39.68 and a 12-month high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.12. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. Sell-side analysts anticipate that Ovintiv will post 5.89 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.63%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Insider Activity

In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now directly owns 8,929 shares in the company, valued at $446,450. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

A number of large investors have recently modified their holdings of OVV. Raymond James & Associates raised its holdings in shares of Ovintiv by 2.1% during the 4th quarter. Raymond James & Associates now owns 186,751 shares of the company’s stock valued at $8,202,000 after buying an additional 3,766 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Ovintiv by 5.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 16,782 shares of the company’s stock worth $737,000 after purchasing an additional 920 shares during the period. Viking Fund Management LLC purchased a new position in Ovintiv in the 4th quarter worth approximately $2,635,000. Blue Trust Inc. increased its stake in Ovintiv by 20.5% in the 4th quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after purchasing an additional 284 shares during the period. Finally, Quent Capital LLC increased its stake in Ovintiv by 151.3% in the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.