Wells Fargo & Company Issues Positive Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target boosted by Wells Fargo & Company from $45.00 to $46.00 in a report released on Tuesday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Barclays raised their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Truist Financial upped their price objective on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Morgan Stanley reissued an “overweight” rating and issued a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Two research 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. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $56.12.

Ovintiv Price Performance

OVV opened at $33.54 on Tuesday. The company’s 50-day simple moving average is $39.22 and its two-hundred day simple moving average is $41.25. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $8.73 billion, a P/E ratio of 4.45 and a beta of 2.04. Ovintiv has a 52-week low of $29.80 and a 52-week high of $53.57.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.58%. Ovintiv’s payout ratio is presently 28.57%.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently made changes to their positions in the business. Colonial Trust Co SC bought a new stake in Ovintiv during the 4th quarter valued at approximately $28,000. MassMutual Private Wealth & Trust FSB grew its holdings in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after buying an additional 335 shares during the last quarter. Optiver Holding B.V. purchased a new position in shares of Ovintiv in the fourth quarter worth $40,000. Finally, Mizuho Bank Ltd. bought a new position in shares of Ovintiv during the fourth quarter worth $40,000. 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.