Ovintiv (NYSE: OVV – Get a Rating) had its target price raised by Truist Financial from $72.00 to $77.00 in a research note released on Tuesday morning, reports The Fly. Truist Financial currently has a buy rating on the stock.
Several other research companies have also recently weighed in on OVV. TD Securities cut its price target on Ovintiv shares from $67.00 to $65.00 and set a buy rating on the stock in a Tuesday, May 10 report. JPMorgan Chase & Co. raised its price target on Ovintiv shares from $64.00 to $66.00 and gave the company an overweight rating in a Wednesday, July 13 research report. Citigroup raised its price target on Ovintiv shares from $46.00 to $64.00 in a Tuesday, April 26 report. Capital One Financial moved Ovintiv shares from an equal weight rating to an overweight rating and raised its target price for the stock from $61.00 to $82.00 in a Wednesday, March 23 report . Finally, Raymond James set a price target of $60.00 on Ovintiv stock and gave the stock a stock performance rating in a Tuesday, May 10, report. An equity research analyst rated the stock with a hold rating and sixteen gave the company’s stock a buy rating. Based on data from MarketBeat.com, the company has a Moderate Buy consensus rating and a consensus price target of $66.56.
Ovintiv trades up 4.9%
Shares of NYSE OVV opened at $45.55 on Tuesday. Ovintiv has a 12-month low of $21.92 and a 12-month high of $63.30. The company has a fifty-day simple moving average of $48.72 and a 200-day simple moving average of $46.85. The company has a debt ratio of 1.02, a current ratio of 0.54 and a quick ratio of 0.54.
Ovintiv (NYSE: OVV – Get Rating) last released its quarterly results on Monday, May 9. The company reported earnings per share of $2.17 for the quarter, missing the consensus estimate of $2.54 per ($0.37). The company posted revenue of $1.97 billion in the quarter, versus a consensus estimate of $2.42 billion. Ovintiv achieved a net margin of 9.86% and a return on equity of 60.01%. On average, equity research analysts expect Ovintiv to post an EPS of 9.19 for the current fiscal year.
Ovintiv increases its dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30. Shareholders of record on Wednesday, June 15 received a dividend of $0.25 per share. The ex-dividend date was Tuesday, June 14. This represents an annualized dividend of $1.00 and a yield of 2.20%. This is a boost from Ovintiv’s previous quarterly dividend of $0.20.
Insiders place their bets
In other Ovintiv news, Director Howard John Mayson sold 550 shares of the company in a trade on Wednesday, June 1. The shares were sold at an average price of $58.28, for a total value of $32,054.00. Following completion of the transaction, the administrator now directly owns 27,003 shares of the company, valued at approximately $1,573,734.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via the SEC’s website. In related news, manager Thomas G. Ricks sold 10,000 shares in a trade dated Monday, May 23. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following completion of the transaction, the administrator now directly owns 135,500 shares of the company, valued at approximately $6,775,000. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. Additionally, manager Howard John Mayson sold 550 shares in a trade dated Wednesday, June 1. The stock was sold at an average price of $58.28, for a total transaction of $32,054.00. Following the completion of the transaction, the director now owns 27,003 shares of the company, valued at $1,573,734.84. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 29,785 shares of the company worth $1,676,509. 0.76% of the shares are currently held by company insiders.
Institutional entries and exits
Institutional investors have recently changed their stake in the company. Harvest Investment Services LLC purchased a new stake in Ovintiv during Q2, valued at approximately $753,000. Viking Fund Management LLC purchased a new stake in Ovintiv during Q2, valued at approximately $3,535,000. Veriti Management LLC increased its stake in Ovintiv by 5.2% during the second quarter. Veriti Management LLC now owns 5,326 shares of the company valued at $235,000 after purchasing an additional 263 shares last quarter. Scout Investments Inc. increased its stake in Ovintiv by 10.8% during the 2nd quarter. Scout Investments Inc. now owns 2,264,147 shares of the company valued at $100,053,000 after purchasing an additional 220,987 shares in the last quarter. Finally, Ritholtz Wealth Management acquired a new stake in Ovintiv during Q2 valued at approximately $362,000. 76.96% of the shares are currently held by institutional investors.
(Get a rating)
Ovintiv Inc, together with its subsidiaries, is engaged in the exploration, development, production and marketing of natural gas, petroleum 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 northeastern British Columbia and northwestern Alberta.
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