Citigroup Issues Pessimistic Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its target price decreased by Citigroup from $55.00 to $54.00 in a report released on Tuesday morning,Benzinga reports. Citigroup currently has a buy rating on the stock.

OVV has been the subject of several other research reports. Wells Fargo & Company reduced their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. UBS Group raised their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Monday, November 18th. Barclays raised their target price on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Morgan Stanley dropped their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $56.65.

Ovintiv Stock Down 0.2 %

Shares of NYSE OVV opened at $45.42 on Tuesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The firm has a 50-day moving average price of $41.94 and a 200 day moving average price of $44.12. The stock has a market capitalization of $11.82 billion, a price-to-earnings ratio of 6.02 and a beta of 2.62.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.64%. Ovintiv’s payout ratio is 15.92%.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently bought and sold shares of OVV. True Wealth Design LLC grew its holdings in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the period. Innealta Capital LLC acquired a new position in Ovintiv during the second quarter valued at approximately $39,000. UMB Bank n.a. lifted its position in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after buying an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Ovintiv during the third quarter valued at approximately $65,000. Finally, International Assets Investment Management LLC acquired a new position in Ovintiv during the second quarter valued at approximately $69,000. 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.