Ovintiv (NYSE:OVV) Given New $74.00 Price Target at Citigroup

Ovintiv (NYSE:OVV) had its price target lifted by Citigroup from $68.00 to $74.00 in a research note published on Friday morning, MarketBeat.com reports. Citigroup currently has a buy rating on the stock.

Other equities analysts have also recently issued research reports about the stock. Truist Financial increased their price objective on shares of Ovintiv from $77.00 to $90.00 and gave the stock a “buy” rating in a research report on Thursday, November 5th. Royal Bank Of Canada raised their target price on Ovintiv from $85.00 to $90.00 and gave the company an “outperform” rating in a research note on Tuesday, October 13th. Weiss Ratings raised Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 2nd. Stifel Nicolaus initiated coverage on Ovintiv in a research note on Wednesday, September 9th. They set a “buy” rating and a $92.00 price target on the stock. Finally, The Goldman Sachs Group upped their price target on Ovintiv from $65.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday, October 27th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $74.86.

Ovintiv Stock Up 0.8%

NYSE OVV traded up $0.52 on Friday, hitting $65.41. 3,167,334 shares of the company were exchanged, compared to its average volume of 3,423,048. The company has a market cap of $17.58 billion, a PE ratio of 13.19 and a beta of 0.57. Ovintiv has a 12 month low of $36.81 and a 12 month high of $73.61. The stock has a fifty day moving average of $64.53 and a 200-day moving average of $58.56. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.31.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, December 15th. Ovintiv’s dividend payout ratio (DPR) is 24.19%.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Aberdeen Wealth Management LLC acquired a new stake in shares of Ovintiv in the 2nd quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Ovintiv during the 2nd quarter valued at about $32,000. Markowski Investments acquired a new position in Ovintiv during the 2nd quarter valued at about $39,000. Rothschild Investment LLC increased its holdings in Ovintiv by 67.2% during the 3rd quarter. Rothschild Investment LLC now owns 918 shares of the company’s stock worth $53,000 after purchasing an additional 369 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. increased its holdings in Ovintiv by 289.3% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 1,016 shares of the company’s stock worth $60,000 after purchasing an additional 755 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

About Ovintiv

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.