Royal Bank of Canada Cuts Ovintiv (NYSE:OVV) Price Target to $61.00

Ovintiv (NYSE:OVV) had its price target cut by Royal Bank of Canada from $62.00 to $61.00 in a research note released on Thursday, Benzinga reports. They currently have a sector perform rating on the stock.

Other research analysts also recently issued research reports about the stock. TD Cowen increased their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a buy rating in a report on Monday, June 10th. Morgan Stanley increased their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the company an equal weight rating in a report on Monday, April 15th. Jefferies Financial Group increased their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the stock a buy rating in a research report on Friday, April 12th. Truist Financial increased their price objective on shares of Ovintiv from $60.00 to $62.00 and gave the stock a buy rating in a research report on Thursday. Finally, Wolfe Research assumed coverage on shares of Ovintiv in a research report on Thursday, July 18th. They issued an outperform rating and a $65.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $61.06.

Ovintiv Stock Down 3.4 %

Ovintiv stock traded down $1.43 during trading hours on Thursday, hitting $40.16. 2,470,352 shares of the stock traded hands, compared to its average volume of 3,049,711. The firm’s 50-day moving average price is $47.16 and its two-hundred day moving average price is $48.20. The company has a current ratio of 0.44, a quick ratio of 0.52 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.72 billion, a PE ratio of 5.61, a PEG ratio of 7.30 and a beta of 2.63. Ovintiv has a one year low of $39.00 and a one year high of $55.95.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, research analysts forecast that Ovintiv will post 5.69 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s payout ratio is currently 16.76%.

Insider Buying and Selling

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares of the company’s stock, valued at approximately $446,450. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the sale, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The disclosure for this sale can be found here. 1.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in shares of Ovintiv by 7.5% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after buying an additional 220 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Ovintiv by 20.5% in the 4th quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock valued at $80,000 after buying an additional 284 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Ovintiv by 23.1% in the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after buying an additional 293 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the period. Finally, Fifth Third Bancorp boosted its stake in Ovintiv by 20.3% during the 4th quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock worth $85,000 after purchasing an additional 328 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.