Ovintiv (NYSE:OVV) Upgraded at Scotiabank

Scotiabank upgraded shares of Ovintiv (NYSE:OVV) to a strong-buy rating in a report published on Wednesday morning,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research report on Wednesday, March 5th. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Mizuho decreased their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. National Bankshares upped their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Truist Financial upped their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Price Performance

Shares of OVV opened at $41.52 on Wednesday. The firm has a market capitalization of $10.81 billion, a PE ratio of 5.51 and a beta of 2.55. The company’s 50-day moving average is $42.80 and its 200-day moving average is $41.79. Ovintiv has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.89%. Ovintiv’s payout ratio is currently 28.57%.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently made changes to their positions in the stock. Nisa Investment Advisors LLC boosted its stake in shares of Ovintiv by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after purchasing an additional 231 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Ovintiv by 2.8% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after purchasing an additional 276 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after purchasing an additional 282 shares in the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Ovintiv by 5.2% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after purchasing an additional 298 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Ovintiv by 1.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock valued at $830,000 after buying an additional 300 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Company Profile

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.