Shares of Ovintiv Inc. (NYSE:OVV – Get Free Report) have earned an average rating of “Moderate Buy” from the twenty-two research firms that are presently covering the stock, MarketBeat reports. Six equities research analysts have rated the stock with a hold recommendation, fifteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $64.3158.
A number of research analysts have recently commented on the stock. Barclays upped their price target on shares of Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Morgan Stanley lowered their price objective on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, June 29th. TD Cowen upped their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Weiss Ratings lowered shares of Ovintiv from a “buy (b-)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. Finally, Texas Capital upgraded Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th.
Get Our Latest Research Report on Ovintiv
Ovintiv Trading Up 1.6%
Ovintiv Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Monday, June 15th. Ovintiv’s dividend payout ratio is currently 38.71%.
Institutional Trading of Ovintiv
Several institutional investors and hedge funds have recently made changes to their positions in OVV. Dimensional Fund Advisors LP grew its holdings in Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after acquiring an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Ovintiv by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock valued at $387,601,000 after purchasing an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Ovintiv by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after purchasing an additional 1,137,162 shares in the last quarter. Millennium Management LLC lifted its position in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its stake in Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after buying an additional 650,000 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.
About Ovintiv
Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.
The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.
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