Ovintiv (NYSE:OVV) Sets New 12-Month Low on Analyst Downgrade

Posted by Defense World Staff on Mar 14th, 2023

Shares of Ovintiv Inc. (NYSE:OVV – Get Rating) reached a new 52-week low on Monday after Mizuho lowered their price target on the stock from $70.00 to $66.00. The stock traded as low as $36.81 and last traded at $38.26, with a volume of 688844 shares traded. The stock had previously closed at $39.18.

Several other analysts have also issued reports on OVV. Royal Bank of Canada lowered their target price on Ovintiv from $58.00 to $57.00 and set a “sector perform” rating on the stock in a research note on Wednesday, March 1st. Cowen boosted their target price on Ovintiv to $79.00 in a research note on Tuesday, November 15th. Barclays lowered their target price on Ovintiv from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, January 23rd. BMO Capital Markets lowered Ovintiv from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $56.00 to $51.00 in a research note on Tuesday, March 7th. Finally, Morgan Stanley lowered Ovintiv from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $60.00 to $51.00 in a research note on Tuesday, January 24th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $69.00.

Insiders Place Their Bets

In other news, Director Howard John Mayson sold 3,000 shares of the company’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total value of $136,860.00. Following the completion of the transaction, the director now directly owns 21,403 shares in the company, valued at approximately $976,404.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.76% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP boosted its holdings in Ovintiv by 62.9% during the 3rd quarter. Engineers Gate Manager LP now owns 21,855 shares of the company’s stock valued at $1,005,000 after acquiring an additional 8,435 shares during the period. Artemis Investment Management LLP boosted its holdings in Ovintiv by 51.3% during the 3rd quarter. Artemis Investment Management LLP now owns 1,762,404 shares of the company’s stock valued at $81,014,000 after acquiring an additional 597,239 shares during the period. Wipfli Financial Advisors LLC purchased a new stake in Ovintiv during the 3rd quarter valued at about $253,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Ovintiv during the 3rd quarter valued at about $143,000. Finally, Veriti Management LLC boosted its holdings in Ovintiv by 5.2% during the 3rd quarter. Veriti Management LLC now owns 5,602 shares of the company’s stock valued at $258,000 after acquiring an additional 276 shares during the period. 76.76% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

The company has a market capitalization of $9.16 billion, a PE ratio of 2.65, a PEG ratio of 0.21 and a beta of 2.79. The firm has a fifty day moving average of $46.80 and a two-hundred day moving average of $49.86. The company has a current ratio of 0.61, a quick ratio of 0.61 and a debt-to-equity ratio of 0.41.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 15th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend is Tuesday, March 14th. Ovintiv’s payout ratio is 7.04%.

Ovintiv Company Profile

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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.