CIBC Trims Ovintiv (NYSE:OVV) Target Price to $50.00

Ovintiv (NYSE:OVV – Get Rating) had its price target trimmed by CIBC from $55.00 to $50.00 in a research note published on Tuesday, The Fly reports.

A number of other research firms have also recently weighed in on OVV. BMO Capital Markets cut Ovintiv from an outperform rating to a market perform rating and lowered their price target for the stock from $56.00 to $51.00 in a report on Tuesday, March 7th. Wells Fargo & Company dropped their price objective on Ovintiv from $40.00 to $36.00 in a report on Friday, May 12th. TD Cowen dropped their target price on Ovintiv from $79.00 to $53.00 and set an outperform rating on the stock in a report on Wednesday, April 5th. JPMorgan Chase & Co. downgraded Ovintiv from an overweight rating to a neutral rating and decreased their price target for the company from $59.00 to $53.00 in a research note on Tuesday, March 14th. Finally, Morgan Stanley reduced their price objective on shares of Ovintiv from $51.00 to $47.00 and set an equal weight rating for the company in a research note on Monday, March 27th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $60.05.

Ovintiv Trading Down 5.1 %

Shares of Ovintiv stock opened at $34.40 on Tuesday. The stock has a market cap of $8.41 billion, a P/E ratio of 2.01, a P/E/G ratio of 0.31 and a beta of 2.78. The stock’s 50 day simple moving average is $35.82 and its 200-day simple moving average is $44.40. Ovintiv has a 1-year low of $32.07 and a 1-year high of $63.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.53 and a quick ratio of 0.53.

Ovintiv (NYSE:OVV – Get Rating) last posted its quarterly earnings results on Monday, February 27th. The company reported $0.91 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.84). The company had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $2.30 billion. Ovintiv had a return on equity of 23.98% and a net margin of 33.45%. Analysts predict that Ovintiv will post 7.92 EPS for the current fiscal year.

Ovintiv Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.20 annualized dividend and a yield of 3.49%. This is an increase from Ovintiv’s previous quarterly dividend of $0.25. Ovintiv’s dividend payout ratio is presently 7.01%.

Insiders Place Their Bets

In related news, Director Howard John Mayson sold 3,000 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total transaction of $136,860.00. Following the completion of the transaction, the director now owns 21,403 shares of the company’s stock, valued at $976,404.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently bought and sold shares of the business. Toroso Investments LLC raised its holdings in Ovintiv by 126.9% during the 1st quarter. Toroso Investments LLC now owns 19,432 shares of the company’s stock worth $701,000 after buying an additional 10,869 shares during the period. Harvest Portfolios Group Inc. boosted its position in Ovintiv by 0.9% during the 1st quarter. Harvest Portfolios Group Inc. now owns 34,546 shares of the company’s stock worth $1,246,000 after acquiring an additional 322 shares during the period. Mercer Global Advisors Inc. ADV boosted its position in Ovintiv by 7.8% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 9,118 shares of the company’s stock worth $329,000 after acquiring an additional 657 shares during the period. MidWestOne Financial Group Inc. acquired a new stake in Ovintiv during the 1st quarter worth about $251,000. Finally, State Street Corp lifted its position in Ovintiv by 0.5% in the 1st quarter. State Street Corp now owns 7,023,973 shares of the company’s stock worth $253,425,000 after buying an additional 32,541 shares in the last quarter. 76.76% of the stock is owned by institutional investors and hedge funds.

Ovintiv Company Profile

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.