Ovintiv (NYSE:OVV) Price Target Cut to $42.00 by Analysts at Wells Fargo & Company

Ovintiv (NYSE:OVV) had its price objective reduced by Wells Fargo & Company from $48.00 to $42.00 in a research note released on Tuesday,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities research analysts also recently issued research reports about the stock. Citigroup cut their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Truist Financial increased their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. UBS Group lowered their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Evercore ISI cut their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Finally, Morgan Stanley lowered their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.59.

Ovintiv Stock Down 0.7 %

Shares of Ovintiv stock opened at $37.74 on Tuesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The stock has a 50-day moving average price of $42.01 and a 200 day moving average price of $43.31. The company has a market cap of $9.82 billion, a P/E ratio of 5.01 and a beta of 2.63.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC grew its holdings in Ovintiv by 36.2% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 10,470 shares of the company’s stock valued at $491,000 after buying an additional 2,782 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its position in Ovintiv by 55.6% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 6,411 shares of the company’s stock worth $300,000 after acquiring an additional 2,292 shares during the period. Blue Trust Inc. raised its stake in Ovintiv by 24.0% during the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after purchasing an additional 347 shares during the last quarter. Summit Global Investments bought a new stake in Ovintiv in the 2nd quarter valued at $814,000. Finally, Fifth Third Wealth Advisors LLC acquired a new stake in Ovintiv in the 2nd quarter worth $368,000. 83.81% of the stock is currently 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.