12,918 Shares in Ovintiv Inc. (NYSE:OVV) Acquired by Focus Partners Wealth

Focus Partners Wealth acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 12,918 shares of the company's stock, valued at approximately $523,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Ninepoint Partners LP raised its stake in shares of Ovintiv by 16.9% during the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock worth $9,112,000 after purchasing an additional 32,500 shares during the last quarter. Westpac Banking Corp boosted its holdings in shares of Ovintiv by 64.8% in the fourth quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after acquiring an additional 12,340 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in shares of Ovintiv during the fourth quarter worth about $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Ovintiv by 19.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock worth $8,768,000 after purchasing an additional 34,207 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Ovintiv by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock valued at $77,508,000 after purchasing an additional 45,147 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

Ovintiv stock traded up $0.14 during mid-day trading on Monday, hitting $35.81. 3,202,824 shares of the company were exchanged, compared to its average volume of 3,256,787. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $51.72. The business's 50 day simple moving average is $36.50 and its two-hundred day simple moving average is $40.39. The company has a market capitalization of $9.30 billion, a P/E ratio of 4.75 and a beta of 1.14.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's dividend payout ratio is presently 51.06%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. National Bankshares increased their target price on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their price objective for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Barclays lowered their price target on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $55.65.

Ovintiv 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.