Ovintiv (NYSE:OVV) Receives “Overweight” Rating from Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Ovintiv (NYSE:OVV) in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage currently has a $57.00 price target on the stock.

Several other research firms have also issued reports on OVV. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Truist Financial lifted their price target on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. National Bankshares upped their price objective on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, JPMorgan Chase & Co. decreased their target price on Ovintiv from $56.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $57.17.

Ovintiv Trading Down 2.5 %

OVV opened at $42.24 on Wednesday. The stock has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.55. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a twelve month low of $36.62 and a twelve month high of $55.95. The company has a 50-day simple moving average of $42.59 and a 200 day simple moving average of $41.88.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is currently 28.57%.

Institutional Trading of Ovintiv

Institutional investors have recently modified their holdings of the business. True Wealth Design LLC increased its position in shares of Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares during the period. Colonial Trust Co SC bought a new stake in Ovintiv during the 4th quarter valued at $28,000. MassMutual Private Wealth & Trust FSB boosted its stake in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after acquiring an additional 335 shares in the last quarter. Finally, Mizuho Bank Ltd. bought a new stake in Ovintiv in the 4th quarter worth about $40,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.