Ovintiv (NYSE:OVV) Raised to “Outperform” at Evercore ISI

Evercore ISI upgraded shares of Ovintiv (NYSE:OVVFree Report) from an in-line rating to an outperform rating in a research report report published on Friday morning, Marketbeat Ratings reports. The firm currently has $60.00 target price on the stock.

Several other research firms have also commented on OVV. Morgan Stanley increased their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the company an equal weight rating in a research report on Monday, April 15th. Jefferies Financial Group raised their price objective on Ovintiv from $59.00 to $69.00 and gave the company a buy rating in a research note on Friday, April 12th. TD Cowen increased their price target on Ovintiv from $64.00 to $66.00 and gave the company a buy rating in a report on Monday, June 10th. Mizuho lifted their price objective on shares of Ovintiv from $58.00 to $64.00 and gave the stock a buy rating in a research note on Monday, May 13th. Finally, UBS Group increased their target price on shares of Ovintiv from $69.00 to $70.00 and gave the company a buy rating in a research note on Wednesday, May 15th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $58.65.

Read Our Latest Research Report on Ovintiv

Ovintiv Trading Down 2.2 %

NYSE:OVV opened at $45.81 on Friday. Ovintiv has a 12 month low of $34.50 and a 12 month high of $55.95. The company has a 50 day simple moving average of $50.68 and a two-hundred day simple moving average of $47.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. The company has a market cap of $12.23 billion, a PE ratio of 6.40 and a beta of 2.58.

Ovintiv (NYSE:OVVGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. Research analysts forecast that Ovintiv will post 6.15 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend is Friday, June 14th. Ovintiv’s payout ratio is 16.76%.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares in the company, valued at approximately $446,450. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Institutional Trading of Ovintiv

Hedge funds have recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new position in shares of Ovintiv in the third quarter worth about $38,000. Deutsche Bank AG raised its holdings in Ovintiv by 6.5% in the 3rd quarter. Deutsche Bank AG now owns 387,613 shares of the company’s stock worth $18,439,000 after purchasing an additional 23,719 shares during the period. Rhumbline Advisers grew its holdings in Ovintiv by 1.8% in the third quarter. Rhumbline Advisers now owns 752,955 shares of the company’s stock valued at $35,818,000 after purchasing an additional 13,375 shares during the period. Loomis Sayles & Co. L P increased its position in shares of Ovintiv by 107.6% in the third quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock valued at $31,000 after buying an additional 341 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its position in shares of Ovintiv by 6.9% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 20,466 shares of the company’s stock valued at $1,002,000 after buying an additional 1,314 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Company Profile

(Get Free Report)

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.

See Also

Analyst Recommendations for Ovintiv (NYSE:OVV)

Receive News & Ratings for Ovintiv Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ovintiv and related companies with MarketBeat.com's FREE daily email newsletter.