Ovintiv (NYSE:OVV) Price Target Cut to $55.00

Ovintiv (NYSE:OVV) had its price target lowered by Citigroup from $58.00 to $55.00 in a report published on Monday, MarketBeat Ratings reports. The firm currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. Morgan Stanley decreased their price objective on Ovintiv from $53.00 to $51.00 and set an equal weight rating for the company in a research report on Monday, September 16th. Wells Fargo & Company decreased their price target on Ovintiv from $51.00 to $42.00 and set an equal weight rating for the company in a report on Tuesday, October 1st. Truist Financial dropped their price objective on shares of Ovintiv from $62.00 to $47.00 and set a buy rating on the stock in a research note on Monday, September 30th. Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a sector perform rating for the company in a research report on Thursday, August 1st. Finally, Wolfe Research started coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an outperform rating and a $65.00 target price on the stock. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $57.67.

Ovintiv Stock Performance

Shares of OVV stock opened at $42.78 on Monday. The stock’s 50-day moving average is $41.38 and its two-hundred day moving average is $46.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The firm has a market cap of $11.28 billion, a price-to-earnings ratio of 6.03, a PEG ratio of 8.02 and a beta of 2.61.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Analysts predict that Ovintiv will post 4.9 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.81%. Ovintiv’s payout ratio is 16.93%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. American National Bank acquired a new stake in Ovintiv during the 1st quarter valued at $27,000. Innealta Capital LLC purchased a new stake in shares of Ovintiv in the second quarter valued at $39,000. Geneos Wealth Management Inc. boosted its stake in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the last quarter. UMB Bank n.a. increased its position in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares in the last quarter. Finally, Atlas Capital Advisors LLC acquired a new position in Ovintiv in the 1st quarter valued at about $74,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

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.