Ovintiv’s (OVV) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial restated their buy rating on shares of Ovintiv (NYSE:OVV) in a research note issued to investors on Monday morning, MarketBeat reports. They currently have a $73.00 target price on the stock, up from their previous target price of $66.00.

A number of other analysts have also recently weighed in on OVV. Stephens reaffirmed a “positive” rating and set a $69.00 target price on shares of Ovintiv in a research note on Friday. Mizuho upped their price target on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Roth Capital increased their price target on Ovintiv from $50.00 to $55.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Bank of America raised their price objective on Ovintiv from $63.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, April 2nd. Finally, Weiss Ratings lowered Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $66.84.

Ovintiv Trading Down 4.8%

OVV opened at $60.10 on Monday. The company has a market cap of $16.89 billion, a P/E ratio of 16.98 and a beta of 0.53. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average is $56.37 and its 200-day moving average is $53.36. Ovintiv has a 1-year low of $35.47 and a 1-year high of $64.61.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Equities research analysts predict that Ovintiv will post 7.08 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio is 33.90%.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of the business. BCS Private Wealth Management Inc. bought a new position in shares of Ovintiv during the fourth quarter worth about $976,000. UBS Group AG lifted its stake in shares of Ovintiv by 8.3% in the fourth quarter. UBS Group AG now owns 997,177 shares of the company’s stock worth $39,079,000 after acquiring an additional 76,846 shares during the period. TrueMark Investments LLC bought a new stake in Ovintiv in the fourth quarter valued at approximately $889,000. Hillsdale Investment Management Inc. boosted its holdings in Ovintiv by 317.3% in the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company’s stock valued at $7,373,000 after acquiring an additional 142,800 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Ovintiv during the 4th quarter valued at approximately $5,045,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Company Profile

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.