Ovintiv (NYSE:OVV) Given New $11.00 Price Target at TD Securities

Ovintiv (NYSE:OVV) had its target price increased by TD Securities from $9.00 to $11.00 in a research report sent to investors on Wednesday morning, BayStreet.CA reports. They currently have a hold rating on the stock.

OVV has been the subject of a number of other reports. Mizuho raised shares of Ovintiv from an underperform rating to a neutral rating and increased their price target for the company from $5.00 to $12.00 in a report on Friday, June 19th. Credit Suisse Group lifted their price target on shares of Ovintiv from $2.00 to $6.00 and gave the stock a neutral rating in a research note on Friday, May 8th. Wolfe Research raised Ovintiv from an underperform rating to a peer perform rating and increased their target price for the stock from $6.50 to $11.50 in a report on Wednesday, July 15th. Bank of America upgraded shares of Ovintiv from a neutral rating to a buy rating and set a $8.00 target price on the stock in a research note on Thursday, May 14th. Finally, Citigroup assumed coverage on shares of Ovintiv in a report on Monday, April 6th. They issued a hold rating and a $3.75 target price on the stock. Two research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $12.89.

NYSE:OVV traded down $0.17 during mid-day trading on Wednesday, reaching $9.69. The stock had a trading volume of 3,922,598 shares, compared to its average volume of 4,502,349. The company has a market cap of $2.52 billion, a PE ratio of -0.66 and a beta of 4.00. The company has a 50 day moving average of $9.97. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.04 and a current ratio of 1.04. Ovintiv has a fifty-two week low of $2.10 and a fifty-two week high of $28.75.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.41) by ($0.02). The firm had revenue of $726.00 million during the quarter, compared to the consensus estimate of $1.28 billion. Ovintiv had a negative net margin of 56.12% and a positive return on equity of 3.21%. Research analysts predict that Ovintiv will post -0.12 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.094 per share. This represents a $0.38 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Monday, September 14th. Ovintiv’s dividend payout ratio is presently 11.55%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Davis Selected Advisers acquired a new position in shares of Ovintiv during the 1st quarter worth about $20,137,000. Phoenix Holdings Ltd. bought a new position in shares of Ovintiv during the first quarter worth $7,885,000. Two Sigma Advisers LP acquired a new position in shares of Ovintiv in the 1st quarter valued at $7,849,000. Wellington Management Group LLP bought a new stake in shares of Ovintiv in the 1st quarter valued at $7,476,000. Finally, Morgan Stanley acquired a new stake in Ovintiv during the 1st quarter worth $3,728,000. Institutional investors and hedge funds own 55.72% of the company’s stock.

Ovintiv Company Profile

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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