Ovintiv (NYSE:OVV) Rating Increased to Strong-Buy at Scotiabank

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

Several other brokerages have also recently commented on OVV. JPMorgan Chase & Co. decreased their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. UBS Group cut their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research report on Monday, December 9th. Barclays raised their price objective on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Finally, Truist Financial increased their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report 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 stock. Based on data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average price target of $56.78.

Ovintiv Stock Down 1.4 %

OVV stock opened at $41.52 on Wednesday. The stock has a market capitalization of $10.81 billion, a price-to-earnings ratio of 5.51 and a beta of 2.55. Ovintiv has a 52-week low of $36.62 and a 52-week high of $55.95. The company has a 50-day moving average of $42.80 and a two-hundred day moving average of $41.79. 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 Dividend Announcement

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 dividend payout ratio is presently 28.57%.

Institutional Trading of Ovintiv

Several large investors have recently modified their holdings of the company. True Wealth Design LLC increased its position in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. Colonial Trust Co SC purchased a new stake in Ovintiv in the 4th quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB raised its stake in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Finally, Mizuho Bank Ltd. bought a new position in shares of Ovintiv in the fourth quarter worth approximately $40,000. 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.