Ovintiv (NYSE:OVV) Price Target Cut to $56.00 by Analysts at Barclays

Ovintiv (NYSE:OVVGet Rating) had its price objective reduced by Barclays from $58.00 to $56.00 in a research note issued to investors on Wednesday, The Fly reports. Barclays currently has an overweight rating on the stock.

A number of other analysts have also recently issued reports on the stock. Citigroup lifted their target price on shares of Ovintiv from $46.00 to $64.00 in a research note on Tuesday, April 26th. National Bankshares reduced their target price on shares of Ovintiv from $90.00 to $60.00 in a research note on Thursday, April 14th. Raymond James set a $60.00 target price on shares of Ovintiv and gave the company a market perform rating in a research note on Tuesday, May 10th. Mizuho lifted their target price on shares of Ovintiv from $54.00 to $78.00 and gave the company a buy rating in a research note on Thursday, March 31st. Finally, Bank of America cut shares of Ovintiv from a buy rating to a neutral rating and lifted their target price for the company from $60.00 to $73.00 in a research note on Tuesday, March 8th. Four research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $56.62.

OVV stock opened at $51.08 on Wednesday. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a market cap of $13.19 billion, a P/E ratio of 10.51 and a beta of 3.17. The firm has a 50 day simple moving average of $50.91 and a 200 day simple moving average of $42.69. Ovintiv has a 52 week low of $21.92 and a 52 week high of $57.60.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.96%. This is a positive change from Ovintiv’s previous quarterly dividend of $0.20.

In other Ovintiv news, Director Thomas G. Ricks sold 10,000 shares of the business’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the sale, the director now owns 135,500 shares of the company’s stock, valued at approximately $6,775,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Howard John Mayson sold 2,200 shares of the business’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $48.09, for a total transaction of $105,798.00. The disclosure for this sale can be found here. Insiders have sold 22,200 shares of company stock worth $1,143,098 in the last ninety days. 1.70% of the stock is currently owned by insiders.

A number of institutional investors have recently made changes to their positions in OVV. NFJ Investment Group LLC bought a new stake in shares of Ovintiv in the 3rd quarter worth about $3,797,000. Teacher Retirement System of Texas grew its holdings in shares of Ovintiv by 4.8% in the 4th quarter. Teacher Retirement System of Texas now owns 110,754 shares of the company’s stock worth $3,732,000 after purchasing an additional 5,056 shares during the last quarter. GSA Capital Partners LLP grew its holdings in shares of Ovintiv by 532.8% in the 3rd quarter. GSA Capital Partners LLP now owns 41,148 shares of the company’s stock worth $1,353,000 after purchasing an additional 34,645 shares during the last quarter. Trexquant Investment LP grew its holdings in shares of Ovintiv by 820.9% in the 3rd quarter. Trexquant Investment LP now owns 116,543 shares of the company’s stock worth $3,832,000 after purchasing an additional 103,887 shares during the last quarter. Finally, Shell Asset Management Co. grew its holdings in shares of Ovintiv by 12.1% in the 4th quarter. Shell Asset Management Co. now owns 22,627 shares of the company’s stock worth $763,000 after purchasing an additional 2,450 shares during the last quarter. 76.96% of the stock is currently owned by hedge funds and other institutional investors.

About Ovintiv (Get Rating)

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

See Also

The Fly logo

Analyst Recommendations for Ovintiv (NYSE:OVV)

Receive News & Ratings for Ovintiv Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ovintiv and related companies with MarketBeat.com's FREE daily email newsletter.