Ovintiv (NYSE:OVV) Receives “Neutral” Rating from Citigroup

Citigroup reaffirmed their neutral rating on shares of Ovintiv (NYSE:OVV) in a research note issued to investors on Monday morning, MarketBeat reports. Citigroup currently has a $62.00 price target on the stock, up from their previous price target of $52.00.

Other equities analysts also recently issued reports about the company. Roth Mkm increased their target price on Ovintiv from $42.00 to $50.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 24th. Truist Financial began coverage on Ovintiv in a research note on Tuesday, March 24th. They issued a “buy” rating and a $70.00 price target on the stock. JPMorgan Chase & Co. started coverage on Ovintiv in a report on Wednesday, February 25th. They set an “overweight” rating and a $58.00 price objective on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a research report on Saturday, January 17th. Finally, Mizuho raised their target price on Ovintiv from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Ovintiv Trading Down 2.2%

Shares of Ovintiv stock opened at $60.69 on Monday. Ovintiv has a 52-week low of $29.80 and a 52-week high of $62.60. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.39. The company’s 50-day simple moving average is $50.01 and its 200-day simple moving average is $43.04. The firm has a market cap of $17.20 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 2.34 and a beta of 0.69.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.89 billion. During the same quarter last year, the firm earned ($0.23) earnings per share. As a group, equities research analysts anticipate that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio is currently 24.79%.

Insider Activity at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 5,000 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $52.39, for a total transaction of $261,950.00. Following the sale, the director directly owned 45,780 shares in the company, valued at approximately $2,398,414.20. The trade was a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $54.78, for a total value of $634,461.96. Following the completion of the sale, the executive vice president directly owned 54,092 shares in the company, valued at $2,963,159.76. This trade represents a 17.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.89% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after acquiring an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Ovintiv by 2.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after acquiring an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Ovintiv by 14.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock valued at $264,281,000 after purchasing an additional 855,043 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its position in shares of Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock valued at $214,060,000 after purchasing an additional 650,000 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.