Ovintiv (NYSE:OVV) Price Target Lowered to $47.00 at JPMorgan Chase & Co.

Ovintiv (NYSE:OVV) had its price target reduced by JPMorgan Chase & Co. from $50.00 to $47.00 in a report published on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also issued reports on OVV. Citigroup set a $54.00 price target on Ovintiv and gave the stock a “buy” rating in a report on Wednesday, July 2nd. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and lifted their target price for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. TD Cowen raised Ovintiv to a “strong-buy” rating in a report on Monday, July 7th. Morgan Stanley set a $48.00 price target on Ovintiv and gave the stock an “equal weight” rating in a report on Monday, August 18th. Finally, Mizuho dropped their price objective on shares of Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $52.73.

Ovintiv Stock Performance

Shares of OVV opened at $40.15 on Friday. The company’s 50 day simple moving average is $40.99 and its 200-day simple moving average is $38.98. The firm has a market cap of $10.32 billion, a PE ratio of 17.76, a price-to-earnings-growth ratio of 5.11 and a beta of 0.97. Ovintiv has a 12-month low of $29.80 and a 12-month high of $47.18. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, equities analysts predict that Ovintiv will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Ovintiv’s dividend payout ratio (DPR) is 53.10%.

Hedge Funds Weigh In On Ovintiv

A number of large investors have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its stake in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock valued at $396,267,000 after purchasing an additional 7,344,796 shares during the period. AQR Capital Management LLC increased its holdings in Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock valued at $238,513,000 after buying an additional 2,288,989 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its position in shares of Ovintiv by 143.8% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after acquiring an additional 2,205,233 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Ovintiv during the 1st quarter worth approximately $56,865,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Ovintiv during the 2nd quarter worth approximately $41,701,000. 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.