The Goldman Sachs Group Raises Ovintiv (NYSE:OVV) Price Target to $56.00

Ovintiv (NYSE:OVV) had its target price lifted by The Goldman Sachs Group from $47.00 to $56.00 in a report issued on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the stock. Citigroup raised their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a buy rating in a report on Monday, March 18th. National Bankshares reduced their target price on shares of Ovintiv from $69.00 to $53.00 and set an outperform rating on the stock in a research note on Wednesday, January 10th. Scotiabank reduced their price target on shares of Ovintiv from $53.00 to $50.00 and set an outperform rating on the stock in a research note on Tuesday, January 16th. JPMorgan Chase & Co. raised shares of Ovintiv from a neutral rating to an overweight rating and reduced their price target for the company from $61.00 to $58.00 in a research note on Wednesday, December 6th. Finally, Wells Fargo & Company dropped their price objective on shares of Ovintiv from $46.00 to $44.00 and set an equal weight rating for the company in a report on Wednesday, January 17th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $53.94.

Ovintiv Price Performance

NYSE OVV opened at $51.90 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60. The firm’s 50 day moving average price is $46.12 and its 200-day moving average price is $45.64. Ovintiv has a 52-week low of $32.07 and a 52-week high of $52.09. The company has a market cap of $13.96 billion, a PE ratio of 6.58 and a beta of 2.66.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The company had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Sell-side analysts forecast that Ovintiv will post 5.95 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.31%. Ovintiv’s dividend payout ratio (DPR) is presently 15.21%.

Insider Transactions at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Rachel Maureen Moore sold 9,300 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.65, for a total transaction of $471,045.00. Following the sale, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The disclosure for this sale can be found here. Insiders have sold a total of 91,564 shares of company stock valued at $4,660,818 in the last ninety days. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Ovintiv

A number of hedge funds have recently made changes to their positions in the company. Quent Capital LLC boosted its holdings in Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after purchasing an additional 351 shares during the period. Loomis Sayles & Co. L P lifted its stake in Ovintiv by 107.6% in the third quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock valued at $31,000 after buying an additional 341 shares during the last quarter. Avalon Trust Co bought a new stake in Ovintiv in the fourth quarter valued at $34,000. Penserra Capital Management LLC bought a new stake in Ovintiv in the third quarter valued at $36,000. Finally, Quantbot Technologies LP bought a new stake in shares of Ovintiv during the third quarter valued at about $38,000. 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.