Brokerages Set Ovintiv Inc. (NYSE:OVV) PT at $66.89

Shares of Ovintiv Inc. (NYSE:OVV) have received a consensus rating of “Moderate Buy” from the twenty-two analysts that are presently covering the firm, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $66.8947.

Several research firms have recently weighed in on OVV. Mizuho upped their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. National Bank Financial raised their price objective on shares of Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a report on Wednesday, July 8th. Wall Street Zen upgraded shares of Ovintiv from a “hold” rating to a “buy” rating in a report on Saturday, July 25th. Weiss Ratings raised shares of Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research report on Tuesday, July 28th. Finally, Stephens reaffirmed a “positive” rating and issued a $69.00 target price on shares of Ovintiv in a research note on Friday, July 24th.

Ovintiv Stock Down 0.9%

Shares of NYSE OVV opened at $64.59 on Wednesday. The stock has a market cap of $17.79 billion, a P/E ratio of 18.25 and a beta of 0.53. The firm has a 50 day moving average price of $59.32 and a 200 day moving average price of $56.90. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv has a 52-week low of $35.47 and a 52-week high of $67.44.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Analysts expect that Ovintiv will post 7.09 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is 33.90%.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Maureen Moore sold 7,753 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president directly owned 72,530 shares of the company’s stock, valued at $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently bought and sold shares of OVV. Steph & Co. acquired a new position in Ovintiv during the 1st quarter worth approximately $29,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ovintiv in the second quarter valued at approximately $32,000. Aberdeen Wealth Management LLC bought a new stake in shares of Ovintiv in the second quarter worth $32,000. Markowski Investments bought a new stake in shares of Ovintiv in the second quarter worth $39,000. Finally, Los Angeles Capital Management LLC acquired a new position in Ovintiv during the fourth quarter worth $46,000. 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.