Ovintiv Inc. (NYSE: OVV – Get Rating) has an average rating of “moderate buy” from the twenty rating companies that currently cover the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The 12-month average price target among brokers who updated their coverage on the stock in the past year is $69.63.
Several brokerages have recently published reports on OVV. Royal Bank of Canada raised its price target on Ovintiv shares from $57.00 to $58.00 and gave the company an “industry performance” rating in a Thursday, November 10 research note . Cowen raised his price target on Ovintiv shares to $79.00 in a Tuesday, November 15 research note. Bank of America raised its price target on Ovintiv shares from $60.00 to $70.00 in a Tuesday, September 20 research report. Goldman Sachs Group raised its price target on Ovintiv shares from $62.00 to $70.00 and gave the stock a “buy” rating in a Wednesday, October 19 research report. Finally, Jefferies Financial Group assumed coverage for Ovintiv shares in a Wednesday, October 19 research report. They set a “buy” rating and a price target of $75.00 for the company.
Institutional investors weigh in on Ovintiv
A number of large investors have recently increased or reduced their stake in the company. Rosenberg Matthew Hamilton increased his stake in Ovintiv by 26.7% during the third quarter. Rosenberg Matthew Hamilton now owns 950 shares of the company valued at $44,000 after buying 200 more shares in the last quarter. Private Capital Group LLC increased its stake in Ovintiv by 7.1% during the 2nd quarter. Private Capital Group LLC now owns 3,114 shares of the company valued at $138,000 after buying 207 additional shares last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Ovintiv by 1.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 23,533 shares of the company valued at $1,082,000 after buying 234 more shares last quarter. CWM LLC increased its stake in Ovintiv by 20.1% in the 2nd quarter. CWM LLC now owns 1,460 shares of the company valued at $65,000 after purchasing an additional 244 shares in the last quarter. Finally, Veriti Management LLC increased its stake in Ovintiv by 5.2% in the second quarter. Veriti Management LLC now owns 5,326 shares of the company valued at $235,000 after purchasing an additional 263 shares last quarter. 78.26% of the shares are held by institutional investors and hedge funds.
Ovintiv stock performance
Shares of OVV opened at $54.46 on Friday. The company has a debt ratio of 0.49, a quick ratio of 0.51 and a current ratio of 0.51. The company has a market capitalization of $13.57 billion, a price-earnings ratio of 12.34, a PEG ratio of 0.13 and a beta of 2.83. The company’s 50-day simple moving average is $51.17 and its 200-day simple moving average is $49.98. Ovintiv has a 1-year minimum of $29.52 and a 1-year maximum of $63.30.
Ovintiv Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, December 30. Shareholders of record on Thursday, December 15 will receive a dividend of $0.25. This represents an annualized dividend of $1.00 and a dividend yield of 1.84%. The ex-date of this dividend is Wednesday, December 14.
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Ovintiv Inc, together with its subsidiaries, is engaged in the exploration, development, production and marketing of natural gas, petroleum and natural gas liquids. It operates through USA Operations, Canadian Operations and Market Optimization segments. The Company’s principal assets include Permian in West Texas and Anadarko in West Central Oklahoma; and Montney in northeastern British Columbia and northwestern Alberta.
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