Ovintiv (NYSE:OVV) Price Target Cut to $51.00 by Analysts at Morgan Stanley

Ovintiv (NYSE:OVV) had its target price cut by Morgan Stanley from $53.00 to $51.00 in a research report report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also commented on OVV. Truist Financial lifted their price objective on shares of Ovintiv from $60.00 to $62.00 and gave the stock a buy rating in a research note on Thursday, August 1st. Royal Bank of Canada cut their price target on shares of Ovintiv from $62.00 to $61.00 and set a sector perform rating on the stock in a report on Thursday, August 1st. Bank of America reissued a neutral rating and issued a $55.00 price objective on shares of Ovintiv in a research report on Friday, June 14th. TD Cowen boosted their target price on Ovintiv from $64.00 to $66.00 and gave the company a buy rating in a research report on Monday, June 10th. Finally, Scotiabank increased their price target on Ovintiv from $58.00 to $60.00 and gave the stock a sector outperform rating in a report on Friday, July 12th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $60.06.

Ovintiv Stock Up 0.9 %

Shares of NYSE:OVV opened at $39.16 on Monday. The company has a market cap of $10.32 billion, a price-to-earnings ratio of 5.47, a PEG ratio of 6.24 and a beta of 2.62. Ovintiv has a 12 month low of $37.81 and a 12 month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a 50-day moving average price of $43.59 and a 200 day moving average price of $47.83.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. As a group, equities research analysts predict that Ovintiv will post 5.81 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Institutional Trading of Ovintiv

Several institutional investors and hedge funds have recently made changes to their positions in OVV. American National Bank bought a new position in Ovintiv during the 1st quarter worth about $27,000. Innealta Capital LLC purchased a new stake in shares of Ovintiv in the 2nd quarter worth approximately $39,000. Geneos Wealth Management Inc. boosted its stake in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares in the last quarter. Atlas Capital Advisors LLC purchased a new position in Ovintiv during the first quarter valued at approximately $74,000. Finally, International Assets Investment Management LLC bought a new position in Ovintiv in the second quarter worth approximately $69,000. 83.81% of the stock is currently owned by 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.