UBS Group Raises Ovintiv (NYSE:OVV) Price Target to $17.00

Ovintiv (NYSE:OVV) had its price target hoisted by UBS Group from $10.00 to $17.00 in a research note issued to investors on Monday, BenzingaRatingsTable reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also issued research reports about the stock. National Bank Financial upped their target price on shares of Ovintiv from $7.00 to $14.00 and gave the stock an outperform rating in a report on Wednesday, June 24th. BMO Capital Markets upgraded shares of Ovintiv from a market perform rating to an outperform rating and increased their price objective for the company from $6.50 to $13.00 in a research note on Monday. MKM Partners decreased their price objective on shares of Ovintiv from $13.00 to $12.00 and set a buy rating for the company in a research note on Thursday, May 21st. Citigroup initiated coverage on shares of Ovintiv in a research note on Monday, April 6th. They issued a hold rating and a $3.75 price objective for the company. Finally, Mizuho upgraded shares of Ovintiv from an underperform rating to a neutral rating and increased their price objective for the company from $5.00 to $12.00 in a research note on Friday, June 19th. Two analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and an average target price of $13.21.

OVV opened at $9.42 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. Ovintiv has a fifty-two week low of $2.10 and a fifty-two week high of $28.75. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 2.81, a PEG ratio of 2.03 and a beta of 3.99. The stock has a 50-day simple moving average of $8.92.

Ovintiv (NYSE:OVV) last posted its earnings results on Thursday, May 7th. The company reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.08). Ovintiv had a return on equity of 7.21% and a net margin of 11.06%. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates of $1.58 billion. Sell-side analysts predict that Ovintiv will post 0.6 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.094 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 3.99%. The ex-dividend date of this dividend was Friday, June 12th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.09. Ovintiv’s dividend payout ratio (DPR) is 11.55%.

A number of institutional investors have recently made changes to their positions in OVV. AXA bought a new stake in shares of Ovintiv during the 1st quarter valued at about $28,000. Guggenheim Capital LLC bought a new stake in shares of Ovintiv during the 1st quarter valued at about $31,000. Modus Advisors LLC bought a new stake in shares of Ovintiv during the 1st quarter valued at about $33,000. Ensign Peak Advisors Inc bought a new stake in shares of Ovintiv during the 1st quarter valued at about $37,000. Finally, Cumberland Partners Ltd bought a new stake in shares of Ovintiv during the 1st quarter valued at about $34,000. 55.80% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Company Profile

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