Citigroup Issues Pessimistic Forecast for Ovintiv (NYSE:OVV) Stock Price

Ovintiv (NYSE:OVV) had its price target lowered by Citigroup from $55.00 to $54.00 in a research report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts also recently commented on OVV. Wells Fargo & Company dropped their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 1st. Scotiabank increased their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Royal Bank of Canada dropped their target price on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Mizuho dropped their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.65.

Ovintiv Trading Down 0.2 %

Shares of NYSE:OVV opened at $45.42 on Tuesday. Ovintiv has a 52 week low of $36.90 and a 52 week high of $55.95. The company’s 50 day moving average is $41.94 and its two-hundred day moving average is $44.12. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.82 billion, a PE ratio of 6.02 and a beta of 2.62.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Institutional Trading of Ovintiv

Several hedge funds have recently made changes to their positions in OVV. Public Employees Retirement System of Ohio lifted its stake in shares of Ovintiv by 31.2% in the 1st quarter. Public Employees Retirement System of Ohio now owns 157,095 shares of the company’s stock worth $8,153,000 after acquiring an additional 37,349 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Ovintiv in the 1st quarter worth $1,149,000. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Ovintiv in the 1st quarter worth $396,000. Tidal Investments LLC lifted its stake in shares of Ovintiv by 7.0% in the 1st quarter. Tidal Investments LLC now owns 7,648 shares of the company’s stock worth $397,000 after acquiring an additional 497 shares during the period. Finally, Plato Investment Management Ltd acquired a new stake in shares of Ovintiv in the 1st quarter worth $617,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

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.