UBS Group Cuts Ovintiv (NYSE:OVV) Price Target to $57.00

Ovintiv (NYSE:OVV) had its target price trimmed by UBS Group from $61.00 to $57.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other brokerages have also recently issued reports on OVV. Evercore ISI reiterated an outperform rating and set a $60.00 price target on shares of Ovintiv in a research report on Wednesday, July 10th. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an overweight rating on the stock in a research report on Thursday, September 12th. Truist Financial boosted their price target on shares of Ovintiv from $60.00 to $62.00 and gave the company a buy rating in a research report on Thursday, August 1st. Bank of America reiterated a neutral rating and set a $55.00 price target on shares of Ovintiv in a research report on Friday, June 14th. Finally, Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a sector perform rating on the stock in a report on Thursday, August 1st. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Ovintiv has a consensus rating of Moderate Buy and a consensus target price of $59.83.

Ovintiv Stock Performance

Shares of NYSE:OVV opened at $40.50 on Wednesday. The company has a market cap of $10.68 billion, a price-to-earnings ratio of 5.66, a price-to-earnings-growth ratio of 6.50 and a beta of 2.62. The company has a 50-day moving average price of $43.00 and a 200-day moving average price of $47.60. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a 12 month low of $37.81 and a 12 month high of $55.95.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. As a group, equities analysts anticipate that Ovintiv will post 5.63 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.96%. The ex-dividend date is Friday, September 13th. Ovintiv’s dividend payout ratio is presently 16.76%.

Hedge Funds Weigh In On Ovintiv

Several large investors have recently modified their holdings of OVV. American National Bank bought a new stake in Ovintiv in the 1st quarter worth about $27,000. Innealta Capital LLC bought a new stake in Ovintiv in the 2nd quarter worth about $39,000. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares in the last quarter. Creekmur Asset Management LLC bought a new stake in Ovintiv in the 4th quarter worth about $68,000. Finally, International Assets Investment Management LLC bought a new stake in Ovintiv in the 2nd quarter worth about $69,000. Hedge funds and other institutional investors 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.