Ovintiv Inc. (NYSE:OVV) Stock Now Rated “Moderate Buy” by Wall Street Analysts

Ovintiv Inc. (NYSE:OVV – Get Free Report) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-three analysts that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $68.75.

Several equities analysts recently issued reports on OVV shares. UBS Group restated a “buy” rating and set a $85.00 price target on shares of Ovintiv in a research report on Monday, September 14th. National Bank Financial boosted their price objective on Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Weiss Ratings raised Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. Morgan Stanley set a $67.00 target price on shares of Ovintiv in a report on Wednesday, August 19th. Finally, Stephens reaffirmed a “positive” rating and issued a $69.00 target price on shares of Ovintiv in a research note on Friday, July 24th.

View Our Latest Research Report on Ovintiv

Insider Transactions at Ovintiv

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president owned 72,530 shares in the company, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.85% of the stock is currently owned by company insiders.

Institutional Trading of Ovintiv

Institutional investors have recently modified their holdings of the company. Steph & Co. purchased a new position in Ovintiv during the 1st quarter valued at about $29,000. Aberdeen Wealth Management LLC purchased a new stake in Ovintiv in the 2nd quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Ovintiv in the 2nd quarter worth approximately $32,000. Markowski Investments bought a new stake in shares of Ovintiv in the 2nd quarter worth approximately $39,000. Finally, Root Financial Partners LLC grew its position in shares of Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after buying an additional 277 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

NYSE OVV opened at $60.09 on Friday. The company has a 50-day simple moving average of $62.91 and a two-hundred day simple moving average of $58.88. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv has a 12-month low of $35.47 and a 12-month high of $67.51. The firm has a market cap of $16.55 billion, a price-to-earnings ratio of 16.97 and a beta of 0.53.

Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. On average, equities analysts forecast that Ovintiv will post 7.28 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

Ovintiv Company Profile

(Get Free Report)

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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