Fintel reports that on October 2, 2023, Morgan Stanley maintained coverage of Ovintiv (NYSE:OVV) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 24.42% Upside
As of August 31, 2023, the average one-year price target for Ovintiv is 56.96. The forecasts range from a low of 39.39 to a high of $81.90. The average price target represents an increase of 24.42% from its latest reported closing price of 45.78.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Ovintiv is 12,780MM. The projected annual non-GAAP EPS is 15.19.
Ovintiv Declares $0.30 Dividend
On July 27, 2023 the company declared a regular quarterly dividend of $0.30 per share ($1.20 annualized). Shareholders of record as of September 15, 2023 received the payment on September 29, 2023. Previously, the company paid $0.30 per share.
At the current share price of $45.78 / share, the stock's dividend yield is 2.62%.
Looking back five years and taking a sample every week, the average dividend yield has been 5.19%, the lowest has been 1.60%, and the highest has been 45.05%. The standard deviation of yields is 6.02 (n=236).
The current dividend yield is 0.43 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.11. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company has not increased its dividend in the last three years.
What is the Fund Sentiment?
There are 980 funds or institutions reporting positions in Ovintiv. This is a decrease of 9 owner(s) or 0.91% in the last quarter. Average portfolio weight of all funds dedicated to OVV is 0.37%, an increase of 57.75%. Total shares owned by institutions increased in the last three months by 25.11% to 291,602K shares. 
The put/call ratio of OVV is 0.70, indicating a bullish outlook.
What are Other Shareholders Doing?
Dodge & Cox holds 29,360K shares representing 10.72% ownership of the company. In it's prior filing, the firm reported owning 27,016K shares, representing an increase of 7.98%. The firm increased its portfolio allocation in OVV by 12.30% over the last quarter.
DODFX - Dodge & Cox International Stock Fund holds 15,511K shares representing 5.66% ownership of the company. In it's prior filing, the firm reported owning 14,550K shares, representing an increase of 6.19%. The firm increased its portfolio allocation in OVV by 8.70% over the last quarter.
EnCap Energy Capital Fund XI holds 14,706K shares representing 5.37% ownership of the company.
EnCap Energy Capital Fund X holds 9,995K shares representing 3.65% ownership of the company.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 7,598K shares representing 2.77% ownership of the company. In it's prior filing, the firm reported owning 7,681K shares, representing a decrease of 1.08%. The firm decreased its portfolio allocation in OVV by 3.69% over the last quarter.
Ovintiv Background Information
(This description is provided by the company.)
Ovintiv Inc. is a hydrocarbon exploration and production company organized in Delaware and headquartered in Denver, United States. It was founded and headquartered in Calgary, Alberta, under its previous name Encana.
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