Ovintiv (NYSE:OVV) Price Target Lowered to $61.00 at UBS Group

Ovintiv (NYSE:OVV) had its price objective trimmed by UBS Group from $66.00 to $61.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada cut their price target on shares of Ovintiv from $62.00 to $61.00 and set a sector perform rating for the company in a report on Thursday, August 1st. Jefferies Financial Group upped their price target on shares of Ovintiv from $59.00 to $69.00 and gave the company a buy rating in a report on Friday, April 12th. Scotiabank upped their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a sector outperform rating in a report on Friday, July 12th. Wells Fargo & Company cut their price objective on Ovintiv from $52.00 to $51.00 and set an equal weight rating on the stock in a report on Thursday, August 1st. Finally, Truist Financial boosted their price objective on Ovintiv from $60.00 to $62.00 and gave the stock a buy rating in a report on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of Moderate Buy and a consensus price target of $60.56.

Ovintiv Price Performance

NYSE OVV traded up $0.01 on Friday, reaching $42.49. The company’s stock had a trading volume of 1,845,633 shares, compared to its average volume of 3,036,120. Ovintiv has a twelve month low of $38.99 and a twelve month high of $55.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a market cap of $11.20 billion, a PE ratio of 5.93, a PEG ratio of 6.69 and a beta of 2.63. The firm’s 50 day moving average is $46.32 and its two-hundred day moving average is $48.16.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.82%. Ovintiv’s dividend payout ratio is currently 16.76%.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was 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 disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ovintiv

Several hedge funds have recently modified their holdings of OVV. American National Bank bought a new stake in shares of Ovintiv in the first quarter valued at approximately $27,000. Avalon Trust Co bought a new stake in shares of Ovintiv in the fourth quarter valued at approximately $34,000. Innealta Capital LLC acquired a new position in shares of Ovintiv in the second quarter valued at $39,000. Geneos Wealth Management Inc. raised its stake in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares in the last quarter. Finally, Creekmur Asset Management LLC acquired a new position in shares of Ovintiv in the fourth quarter valued at $68,000. 83.81% of the stock is owned by institutional investors.

About Ovintiv

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.