Ovintiv (NYSE:OVV) Upgraded to Buy at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Ovintiv (NYSE:OVV) from a neutral rating to a buy rating in a report published on Tuesday morning, MarketBeat Ratings reports. They currently have $51.00 target price on the stock, up from their previous target price of $47.00.

Several other equities research analysts also recently issued reports on the company. BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and raised their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. Wells Fargo & Company lowered their price objective on Ovintiv from $46.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, June 16th. Williams Trading set a $58.00 target price on Ovintiv in a report on Wednesday, March 5th. JPMorgan Chase & Co. reduced their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Ovintiv presently has an average rating of “Buy” and an average price target of $54.47.

Ovintiv Price Performance

NYSE:OVV opened at $40.04 on Tuesday. Ovintiv has a 1-year low of $29.80 and a 1-year high of $49.57. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. The firm has a fifty day simple moving average of $37.64 and a 200 day simple moving average of $39.54. The stock has a market capitalization of $10.40 billion, a PE ratio of 17.04, a P/E/G ratio of 2.16 and a beta of 1.08.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.23 billion. On average, research analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. Ovintiv’s dividend payout ratio is 51.06%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new stake in shares of Ovintiv in the 4th quarter valued at $768,000. Smartleaf Asset Management LLC boosted its stake in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after buying an additional 335 shares in the last quarter. SRS Capital Advisors Inc. boosted its stake in Ovintiv by 4,132.3% in the fourth quarter. SRS Capital Advisors Inc. now owns 1,312 shares of the company’s stock valued at $53,000 after buying an additional 1,281 shares in the last quarter. Jones Financial Companies Lllp grew its position in Ovintiv by 48.0% in the fourth quarter. Jones Financial Companies Lllp now owns 6,425 shares of the company’s stock valued at $260,000 after acquiring an additional 2,084 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Ovintiv by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock worth $77,508,000 after acquiring an additional 45,147 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

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.