Ovintiv Inc. (NYSE:OVV) Receives Consensus Rating of “Moderate Buy” from Brokerages

Ovintiv Inc. (NYSE:OVV) has been given an average rating of “Moderate Buy” by the twenty brokerages that are presently covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation, fourteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $51.8889.

OVV has been the topic of several analyst reports. Barclays lowered their target price on shares of Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. JPMorgan Chase & Co. lowered their price objective on Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 3rd. Mizuho cut their price objective on Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Citigroup decreased their target price on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Finally, Roth Capital started coverage on Ovintiv in a report on Monday, October 13th. They set a “neutral” rating and a $42.00 price target on the stock.

Insider Buying and Selling

In other news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in OVV. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv in the 3rd quarter valued at approximately $31,000. IFP Advisors Inc increased its stake in Ovintiv by 316.7% in the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after purchasing an additional 643 shares in the last quarter. Dogwood Wealth Management LLC acquired a new stake in Ovintiv in the second quarter worth $35,000. HM Payson & Co. acquired a new stake in Ovintiv in the third quarter worth $36,000. Finally, Foster Dykema Cabot & Partners LLC bought a new position in shares of Ovintiv during the third quarter worth $36,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

NYSE OVV opened at $37.09 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $9.39 billion, a PE ratio of 40.76, a price-to-earnings-growth ratio of 0.96 and a beta of 0.77. Ovintiv has a 12-month low of $29.80 and a 12-month high of $46.35. The company has a 50 day moving average price of $38.71 and a two-hundred day moving average price of $39.82.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.06. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The business had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.86 billion. As a group, equities analysts predict that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.2%. Ovintiv’s payout ratio is 131.87%.

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.