Ovintiv (NYSE:OVV) PT Lowered to $58.00 at Mizuho

Ovintiv (NYSE:OVV) had its price objective decreased by Mizuho from $60.00 to $58.00 in a research note released on Wednesday morning, Benzinga reports. Mizuho currently has an outperform rating on the stock.

A number of other brokerages have also weighed in on OVV. Royal Bank of Canada cut their target price on shares of Ovintiv from $62.00 to $61.00 and set a sector perform rating on the stock in a research note on Thursday, August 1st. Citigroup decreased their target price on Ovintiv from $58.00 to $55.00 and set a buy rating for the company in a research report on Monday, October 7th. Morgan Stanley dropped their price target on Ovintiv from $53.00 to $51.00 and set an equal weight rating on the stock in a research report on Monday, September 16th. Wolfe Research started coverage on Ovintiv in a report on Thursday, July 18th. They issued an outperform rating and a $65.00 price objective for the company. Finally, Evercore ISI reduced their target price on shares of Ovintiv from $60.00 to $54.00 and set an outperform rating on the stock in a research report on Monday, September 30th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $57.67.

Ovintiv Stock Performance

Ovintiv stock opened at $43.14 on Wednesday. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The firm has a market cap of $11.37 billion, a P/E ratio of 6.08, a P/E/G ratio of 8.02 and a beta of 2.61. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The firm has a 50-day moving average of $41.41 and a 200-day moving average of $46.60.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Sell-side analysts expect that Ovintiv will post 4.9 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.78%. Ovintiv’s dividend payout ratio (DPR) is presently 16.93%.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the business. Creative Planning raised its holdings in shares of Ovintiv by 3.8% during the third quarter. Creative Planning now owns 33,244 shares of the company’s stock valued at $1,274,000 after purchasing an additional 1,203 shares during the last quarter. Wedge Capital Management L L P NC grew its position in Ovintiv by 3.8% in the 3rd quarter. Wedge Capital Management L L P NC now owns 555,472 shares of the company’s stock worth $21,280,000 after purchasing an additional 20,168 shares during the period. Foundation Resource Management Inc. raised its stake in Ovintiv by 1.4% during the 3rd quarter. Foundation Resource Management Inc. now owns 88,462 shares of the company’s stock valued at $3,389,000 after buying an additional 1,216 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in shares of Ovintiv by 29.4% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 6,606 shares of the company’s stock worth $253,000 after buying an additional 1,500 shares during the last quarter. Finally, Modus Advisors LLC grew its holdings in shares of Ovintiv by 3.8% in the third quarter. Modus Advisors LLC now owns 108,557 shares of the company’s stock worth $4,159,000 after acquiring an additional 3,992 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.