Ovintiv Inc. (NYSE:OVV) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Ovintiv Inc. (NYSE:OVV) have been assigned an average rating of “Moderate Buy” from the seventeen brokerages that are presently covering the firm, MarketBeat Ratings reports. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $60.56.

A number of analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective for the company. Royal Bank of Canada lowered their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Bank of America restated a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. TD Cowen boosted their target price on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Finally, Evercore ISI restated an “outperform” rating and issued a $60.00 target price on shares of Ovintiv in a research note on Wednesday, July 10th.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently modified their holdings of OVV. Vanguard Group Inc. lifted its stake in Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after purchasing an additional 1,024,931 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Ovintiv by 3.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after acquiring an additional 142,296 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Ovintiv by 114.9% in the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after buying an additional 1,618,556 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,676,420 shares of the company’s stock worth $73,628,000 after buying an additional 68,718 shares during the period. Finally, Balyasny Asset Management L.P. increased its stake in shares of Ovintiv by 1,560.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after buying an additional 1,363,865 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

NYSE OVV opened at $42.83 on Friday. Ovintiv has a 52-week low of $38.99 and a 52-week high of $55.95. The company has a 50-day simple moving average of $45.17 and a 200 day simple moving average of $48.21. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The company has a market capitalization of $11.43 billion, a PE ratio of 5.98, a price-to-earnings-growth ratio of 7.10 and a beta of 2.63.

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, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, research analysts predict that Ovintiv will post 5.69 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.80%. Ovintiv’s payout ratio is 16.76%.

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.