JPMorgan Chase & Co. Lowers Ovintiv (NYSE:OVV) Price Target to $47.00

Ovintiv (NYSE:OVV) had its target price reduced by JPMorgan Chase & Co. from $50.00 to $47.00 in a report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other brokerages also recently weighed in on OVV. Citigroup set a $54.00 price target on shares of Ovintiv and gave the stock a “buy” rating in a report on Wednesday, July 2nd. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Monday, July 7th. Morgan Stanley set a $48.00 target price on Ovintiv and gave the stock an “equal weight” rating in a research note on Monday, August 18th. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and lifted their price target for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Zacks Research cut Ovintiv from a “hold” rating to a “strong sell” rating in a report on Friday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.73.

Ovintiv Stock Performance

OVV opened at $40.15 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv has a 52-week low of $29.80 and a 52-week high of $47.18. The firm has a market cap of $10.32 billion, a P/E ratio of 17.76, a price-to-earnings-growth ratio of 5.19 and a beta of 0.97. The business’s fifty day moving average is $40.99 and its 200-day moving average is $38.93.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. Sell-side analysts expect that Ovintiv will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 3.0%. Ovintiv’s dividend payout ratio (DPR) is presently 53.10%.

Institutional Trading of Ovintiv

Institutional investors have recently modified their holdings of the business. Atlas Capital Advisors Inc. increased its holdings in Ovintiv by 1,681.1% in the first quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company’s stock valued at $594,000 after purchasing an additional 13,096 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Ovintiv by 54.3% in the first quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company’s stock valued at $41,211,000 after buying an additional 338,866 shares during the period. Raymond James Financial Inc. increased its stake in shares of Ovintiv by 204.2% in the first quarter. Raymond James Financial Inc. now owns 583,839 shares of the company’s stock valued at $24,988,000 after buying an additional 391,923 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after acquiring an additional 7,344,796 shares during the period. Finally, Lifestyle Asset Management Inc. lifted its stake in shares of Ovintiv by 46.8% in the second quarter. Lifestyle Asset Management Inc. now owns 28,170 shares of the company’s stock worth $1,072,000 after acquiring an additional 8,987 shares during the period. Institutional investors 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.