Ovintiv (NYSE:OVV) Given New $59.00 Price Target at UBS Group

Ovintiv (NYSE:OVV) had its target price boosted by UBS Group from $57.00 to $59.00 in a research note published on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also commented on the stock. Morgan Stanley decreased their price objective 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. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Truist Financial lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Citigroup lowered their target price on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Finally, Wells Fargo & Company reduced their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Five research 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $56.71.

Ovintiv Stock Up 1.9 %

NYSE OVV opened at $46.59 on Monday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $12.13 billion, a PE ratio of 6.18 and a beta of 2.62. The business’s 50-day moving average is $41.22 and its 200 day moving average is $44.34. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is presently 15.92%.

Institutional Investors Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Ovintiv in the 1st quarter worth $214,000. US Bancorp DE grew its stake in shares of Ovintiv by 4.5% during the 1st quarter. US Bancorp DE now owns 8,914 shares of the company’s stock valued at $463,000 after purchasing an additional 386 shares during the period. Avantax Advisory Services Inc. purchased a new stake in shares of Ovintiv during the 1st quarter valued at about $233,000. Vanguard Group Inc. lifted its stake in shares of Ovintiv by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after purchasing an additional 1,024,931 shares during the period. Finally, Acadian Asset Management LLC lifted its stake in shares of Ovintiv by 1,228.3% in the 1st quarter. Acadian Asset Management LLC now owns 8,063 shares of the company’s stock worth $418,000 after purchasing an additional 7,456 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.