Ovintiv (NYSE:OVV) Stock Rating Reaffirmed by Bank of America

Bank of America restated their neutral rating on shares of Ovintiv (NYSE:OVVFree Report) in a research note published on Friday, Benzinga reports. They currently have a $55.00 price target on the stock.

Other equities analysts have also recently issued reports about the stock. TD Cowen lifted their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the stock a buy rating in a research report on Monday, June 10th. Jefferies Financial Group increased their price target on shares of Ovintiv from $59.00 to $69.00 and gave the company a buy rating in a report on Friday, April 12th. Barclays assumed coverage on Ovintiv in a report on Wednesday, April 10th. They set an overweight rating and a $69.00 price objective for the company. The Goldman Sachs Group upped their target price on Ovintiv from $47.00 to $56.00 and gave the company a neutral rating in a research report on Tuesday, March 26th. Finally, Evercore ISI upgraded Ovintiv from an in-line rating to an outperform rating and set a $60.00 price target for the company in a research note on Friday. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Ovintiv has a consensus rating of Moderate Buy and a consensus price target of $58.65.

Check Out Our Latest Stock Analysis on Ovintiv

Ovintiv Trading Down 0.4 %

Shares of NYSE:OVV opened at $45.64 on Friday. Ovintiv has a 52-week low of $34.50 and a 52-week high of $55.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $12.19 billion, a P/E ratio of 6.37 and a beta of 2.58. The company has a 50-day simple moving average of $50.48 and a 200 day simple moving average of $47.29.

Ovintiv (NYSE:OVVGet Free Report) last issued its earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.32 by $0.12. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. Sell-side analysts forecast that Ovintiv will post 6.15 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Friday, June 14th. Ovintiv’s payout ratio is presently 16.76%.

Insider Buying and Selling

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director now directly owns 8,929 shares in the company, valued at $446,450. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by company insiders.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quent Capital LLC grew its position in Ovintiv by 151.3% during the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after acquiring an additional 351 shares during the last quarter. American National Bank bought a new stake in shares of Ovintiv during the first quarter worth about $27,000. Loomis Sayles & Co. L P increased its stake in shares of 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 period. Avalon Trust Co bought a new position in Ovintiv in the 4th quarter valued at approximately $34,000. Finally, Pacifica Partners Inc. acquired a new stake in Ovintiv during the 4th quarter worth approximately $37,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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