Ovintiv (NYSE:OVV) Price Target Lowered to $56.00 at Barclays

Ovintiv (NYSE:OVVGet Rating) had its target price trimmed by Barclays from $58.00 to $56.00 in a research note released on Wednesday, The Fly reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts also recently issued reports on OVV. Truist Financial lowered their price target on Ovintiv from $80.00 to $72.00 in a report on Wednesday, May 11th. Bank of America downgraded Ovintiv from a buy rating to a neutral rating and increased their price objective for the company from $60.00 to $73.00 in a report on Tuesday, March 8th. CIBC increased their price objective on Ovintiv from $50.00 to $55.00 in a report on Thursday, March 3rd. National Bankshares decreased their price objective on Ovintiv from $90.00 to $60.00 in a report on Thursday, April 14th. Finally, Royal Bank of Canada decreased their price objective on Ovintiv from $53.00 to $50.00 and set an outperform rating for the company in a report on Thursday, May 12th. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Buy and a consensus price target of $56.62.

Shares of OVV opened at $56.44 on Wednesday. The stock has a 50 day moving average price of $51.20 and a 200 day moving average price of $43.00. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.02. The company has a market capitalization of $14.57 billion, a price-to-earnings ratio of 10.51 and a beta of 3.17. Ovintiv has a 52-week low of $21.92 and a 52-week high of $57.60.

Ovintiv (NYSE:OVVGet Rating) last announced its quarterly earnings results on Monday, May 9th. The company reported $2.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.37). The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.42 billion. Ovintiv had a net margin of 9.86% and a return on equity of 60.01%. On average, equities analysts anticipate that Ovintiv will post 9.28 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th will be given a $0.25 dividend. This is a boost from Ovintiv’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Tuesday, June 14th. This represents a $1.00 annualized dividend and a yield of 1.77%.

In other news, Director Thomas G. Ricks sold 10,000 shares of the firm’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $53.73, for a total value of $537,300.00. Following the completion of the transaction, the director now owns 145,500 shares in the company, valued at $7,817,715. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Howard John Mayson sold 2,200 shares of the firm’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $48.09, for a total value of $105,798.00. The disclosure for this sale can be found here. Insiders sold 22,204 shares of company stock valued at $1,143,308 in the last quarter. 1.70% of the stock is currently owned by company insiders.

Several hedge funds have recently made changes to their positions in OVV. Moors & Cabot Inc. acquired a new stake in shares of Ovintiv during the third quarter valued at $25,000. Point72 Hong Kong Ltd acquired a new stake in shares of Ovintiv during the third quarter valued at $33,000. NEXT Financial Group Inc boosted its stake in shares of Ovintiv by 145.5% during the fourth quarter. NEXT Financial Group Inc now owns 1,041 shares of the company’s stock valued at $35,000 after acquiring an additional 617 shares during the last quarter. UMB Bank N A MO acquired a new stake in shares of Ovintiv during the fourth quarter valued at $39,000. Finally, O Shaughnessy Asset Management LLC boosted its stake in shares of Ovintiv by 481.6% during the third quarter. O Shaughnessy Asset Management LLC now owns 1,297 shares of the company’s stock valued at $43,000 after acquiring an additional 1,074 shares during the last quarter. Institutional investors and hedge funds own 76.96% of the company’s stock.

Ovintiv Company Profile (Get Rating)

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, 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 northeast British Columbia and northwest Alberta.

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