Ovintiv Inc. (NYSE:OVV) Receives $56.59 Average Price Target from Brokerages

Ovintiv Inc. (NYSE:OVV) has been assigned a consensus rating of “Moderate Buy” from the seventeen brokerages that are covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $56.81.

A number of brokerages have recently issued reports on OVV. Mizuho reduced their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Wells Fargo & Company decreased their price target on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 17th. Truist Financial increased their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Citigroup decreased their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Finally, Scotiabank upped their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th.

Ovintiv Price Performance

OVV stock opened at $42.41 on Friday. The firm has a market cap of $11.04 billion, a P/E ratio of 5.62 and a beta of 2.63. The firm’s fifty day moving average is $41.94 and its 200 day moving average is $42.59. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 2.83%. Ovintiv’s payout ratio is 15.92%.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its stake in shares of Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after acquiring an additional 6,486,159 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Ovintiv by 114.9% during the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after purchasing an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Ovintiv by 7,422.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after purchasing an additional 1,340,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its stake in shares of Ovintiv by 17.2% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after buying an additional 1,207,610 shares during the last quarter. Finally, SIR Capital Management L.P. bought a new position in Ovintiv during the 2nd quarter valued at approximately $22,732,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.