Ovintiv (NYSE:OVV) Upgraded at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Ovintiv (NYSE:OVV) from a neutral rating to a buy rating in a research report sent to investors on Tuesday, MarketBeat.com reports. The Goldman Sachs Group currently has $51.00 target price on the stock, up from their prior target price of $47.00.

A number of other analysts have also recently issued reports on OVV. JPMorgan Chase & Co. reduced their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Scotiabank raised Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Wells Fargo & Company dropped their price objective on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday, June 16th. Barclays decreased their price target on Ovintiv from $59.00 to $53.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Finally, Mizuho dropped their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $54.47.

Ovintiv Price Performance

OVV stock opened at $40.04 on Tuesday. Ovintiv has a one year low of $29.80 and a one year high of $49.57. The firm has a 50-day moving average of $37.64 and a two-hundred day moving average of $39.54. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $10.40 billion, a PE ratio of 17.04, a P/E/G ratio of 2.16 and a beta of 1.08.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. On average, analysts forecast that Ovintiv will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Friday, June 13th. Ovintiv’s dividend payout ratio (DPR) is currently 51.06%.

Institutional Investors Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Ovintiv by 2.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock worth $412,000 after purchasing an additional 276 shares in the last quarter. Concurrent Investment Advisors LLC grew its position in Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company’s stock valued at $239,000 after purchasing an additional 297 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Ovintiv by 1.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock valued at $830,000 after buying an additional 300 shares during the last quarter. Bessemer Group Inc. lifted its position in Ovintiv by 0.4% during the 4th quarter. Bessemer Group Inc. now owns 70,053 shares of the company’s stock worth $2,837,000 after buying an additional 310 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after buying an additional 335 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Company Profile

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.