Barclays Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target hoisted by Barclays from $57.00 to $59.00 in a report published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts have also commented on the stock. Truist Financial lifted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Finally, Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and dropped their target price for the company from $55.00 to $54.00 in a report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Stock Down 0.8 %

Shares of NYSE OVV opened at $43.82 on Thursday. The company has a market cap of $11.41 billion, a price-to-earnings ratio of 5.81 and a beta of 2.63. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a 50-day moving average price of $42.59 and a two-hundred day moving average price of $42.35. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Thursday, November 7th. The company reported $1.85 EPS for the quarter, beating analysts’ consensus estimates of $1.09 by $0.76. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company earned $1.74 EPS. As a group, analysts forecast that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Rhumbline Advisers increased its position in shares of Ovintiv by 2.9% during the fourth quarter. Rhumbline Advisers now owns 759,036 shares of the company’s stock worth $30,741,000 after acquiring an additional 21,181 shares in the last quarter. AustralianSuper Pty Ltd boosted its stake in Ovintiv by 18.0% during the 4th quarter. AustralianSuper Pty Ltd now owns 196,368 shares of the company’s stock valued at $7,953,000 after purchasing an additional 29,961 shares during the last quarter. Van ECK Associates Corp increased its holdings in Ovintiv by 15.2% during the 4th quarter. Van ECK Associates Corp now owns 3,587 shares of the company’s stock worth $145,000 after purchasing an additional 473 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Ovintiv by 2,987.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 28,191 shares of the company’s stock worth $1,173,000 after purchasing an additional 27,278 shares during the last quarter. Finally, Summit Trail Advisors LLC purchased a new stake in shares of Ovintiv in the fourth quarter worth approximately $205,000. 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.