Ovintiv (NYSE:OVV) Price Target Cut to $55.00 by Analysts at Citigroup

by · The Markets Daily

Ovintiv (NYSE:OVV – Free Report) had its price objective lowered by Citigroup from $58.00 to $55.00 in a research note released on Monday, Marketbeat reports. The firm currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. UBS Group lowered their price target on shares of Ovintiv from $61.00 to $57.00 and set a buy rating on the stock in a research report on Wednesday, September 18th. Royal Bank of Canada cut their price target on Ovintiv from $62.00 to $61.00 and set a sector perform rating for the company in a research note on Thursday, August 1st. Wolfe Research assumed coverage on Ovintiv in a research report on Thursday, July 18th. They set an outperform rating and a $65.00 price target on the stock. Scotiabank lifted their price objective on Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a report on Friday, July 12th. Finally, Bank of America reissued a neutral rating and set a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of Moderate Buy and a consensus target price of $57.67.

View Our Latest Stock Analysis on Ovintiv

Ovintiv Price Performance

NYSE:OVV opened at $42.09 on Monday. The company has a market cap of $11.24 billion, a P/E ratio of 5.88, a P/E/G ratio of 7.75 and a beta of 2.61. The firm’s fifty day moving average price is $41.50 and its two-hundred day moving average price is $46.72. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44.

Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Equities analysts expect that Ovintiv will post 4.98 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.85%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Modus Advisors LLC increased its stake in shares of Ovintiv by 3.8% in the third quarter. Modus Advisors LLC now owns 108,557 shares of the company’s stock valued at $4,159,000 after buying an additional 3,992 shares during the period. UMB Bank n.a. raised its holdings in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after purchasing an additional 286 shares during the last quarter. CWM LLC boosted its stake in shares of Ovintiv by 6.0% in the 3rd quarter. CWM LLC now owns 13,531 shares of the company’s stock valued at $518,000 after purchasing an additional 769 shares during the last quarter. Diversified Trust Co raised its stake in Ovintiv by 326.4% during the third quarter. Diversified Trust Co now owns 29,223 shares of the company’s stock worth $1,120,000 after buying an additional 22,370 shares during the last quarter. Finally, SG Americas Securities LLC boosted its position in Ovintiv by 587.2% during the third quarter. SG Americas Securities LLC now owns 43,708 shares of the company’s stock valued at $1,674,000 after acquiring an additional 37,348 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Company Profile

(Get Free Report)

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.

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