Ovintiv (NYSE:OVV) Price Target Cut to $58.00

Ovintiv (NYSE:OVV) had its target price trimmed by Mizuho from $60.00 to $58.00 in a research note published on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other research analysts have also weighed in on the company. Bank of America restated a neutral rating and set a $55.00 price objective on shares of Ovintiv in a research report on Friday, June 14th. Royal Bank of Canada reduced their price objective on Ovintiv from $62.00 to $61.00 and set a sector perform rating on the stock in a research note on Thursday, August 1st. Scotiabank upped their price objective on Ovintiv from $58.00 to $60.00 and gave the stock a sector outperform rating in a report on Friday, July 12th. Citigroup cut their target price on shares of Ovintiv from $58.00 to $55.00 and set a buy rating for the company in a report on Monday, October 7th. Finally, Evercore ISI decreased their price target on shares of Ovintiv from $60.00 to $54.00 and set an outperform rating on the stock in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $57.00.

Ovintiv Stock Up 0.8 %

NYSE OVV opened at $43.13 on Wednesday. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The stock has a market cap of $11.37 billion, a PE ratio of 6.08, a P/E/G ratio of 8.02 and a beta of 2.61. The stock’s 50 day moving average is $41.41 and its 200 day moving average is $46.57.

Ovintiv (NYSE:OVV) last released its 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. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Research analysts predict that Ovintiv will post 4.9 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm 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 annualized dividend and a dividend yield of 2.78%. Ovintiv’s dividend payout ratio (DPR) is presently 16.93%.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently modified their holdings of the business. Prudential PLC increased its stake in Ovintiv by 33.1% in the fourth quarter. Prudential PLC now owns 13,512 shares of the company’s stock worth $593,000 after purchasing an additional 3,362 shares during the period. Blackstone Inc. lifted its holdings in Ovintiv by 43.4% during the 4th quarter. Blackstone Inc. now owns 41,293 shares of the company’s stock valued at $1,814,000 after buying an additional 12,500 shares in the last quarter. Quarry LP purchased a new stake in Ovintiv in the 4th quarter valued at about $221,000. Creekmur Asset Management LLC bought a new position in Ovintiv in the 4th quarter worth about $68,000. Finally, SageView Advisory Group LLC purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $500,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.