Raymond James Reiterates $10.00 Price Target for Ovintiv (NYSE:OVV)

Raymond James set a $10.00 price objective on Ovintiv (NYSE:OVV) in a research report report published on Thursday, BayStreet.CA reports. The firm currently has a market perform rating on the stock.

Other equities research analysts also recently issued reports about the stock. Royal Bank of Canada raised their price target on shares of Ovintiv from $6.50 to $11.00 and gave the company a sector perform rating in a research note on Friday, June 26th. TD Securities raised their price target on shares of Ovintiv from $9.00 to $11.00 and gave the company a hold rating in a research note on Wednesday. UBS Group raised their price target on shares of Ovintiv from $10.00 to $17.00 and gave the company a buy rating in a research note on Monday, June 29th. MKM Partners cut their target price on shares of Ovintiv from $13.00 to $12.00 and set a buy rating on the stock in a research report on Thursday, May 21st. Finally, Morgan Stanley lifted their target price on shares of Ovintiv from $4.00 to $12.00 and gave the stock an equal weight rating in a research report on Wednesday, July 8th. 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 company currently has an average rating of Hold and a consensus price target of $12.89.

OVV traded down $0.17 during trading hours on Thursday, hitting $9.69. 3,922,598 shares of the company’s stock were exchanged, compared to its average volume of 4,502,349. Ovintiv has a 1-year low of $2.10 and a 1-year high of $28.75. The firm has a 50-day moving average price of $9.97. The company has a market capitalization of $2.52 billion, a PE ratio of -0.66 and a beta of 4.00. 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 (NYSE:OVV) last announced its earnings results on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by ($0.02). Ovintiv had a positive return on equity of 3.21% and a negative net margin of 56.12%. The business had revenue of $726.00 million for the quarter, compared to analyst estimates of $1.28 billion. As a group, sell-side analysts anticipate that Ovintiv will post -0.12 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given 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 is Monday, September 14th. Ovintiv’s payout ratio is currently 11.55%.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning grew its holdings in Ovintiv by 25.5% during the second quarter. Creative Planning now owns 18,302 shares of the company’s stock worth $175,000 after acquiring an additional 3,714 shares during the period. Pratt Collard Advisory Partners LLC increased its position in Ovintiv by 10.8% in the 2nd quarter. Pratt Collard Advisory Partners LLC now owns 50,260 shares of the company’s stock valued at $480,000 after acquiring an additional 4,885 shares during the period. Comerica Bank increased its position in Ovintiv by 73.0% in the 2nd quarter. Comerica Bank now owns 23,407 shares of the company’s stock valued at $255,000 after acquiring an additional 9,878 shares during the period. International Assets Investment Management LLC acquired a new position in Ovintiv in the 2nd quarter valued at about $98,000. Finally, Signaturefd LLC increased its position in Ovintiv by 68.7% in the 2nd quarter. Signaturefd LLC now owns 25,168 shares of the company’s stock valued at $240,000 after acquiring an additional 10,249 shares during the period. Institutional investors and hedge funds own 55.72% of the company’s stock.

About Ovintiv

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Analyst Recommendations for Ovintiv (NYSE:OVV)

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