Focus Partners Wealth Makes New $523,000 Investment in Ovintiv Inc. (NYSE:OVV)

Focus Partners Wealth bought a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,918 shares of the company's stock, valued at approximately $523,000.

A number of other large investors have also made changes to their positions in the business. Colonial Trust Co SC acquired a new position in Ovintiv during the 4th quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after acquiring an additional 360 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after purchasing an additional 335 shares during the last quarter. Optiver Holding B.V. acquired a new stake in Ovintiv in the 4th quarter worth approximately $40,000. Finally, Mizuho Bank Ltd. purchased a new stake in Ovintiv during the 4th quarter worth approximately $40,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on OVV shares. Mizuho decreased their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Williams Trading set a $58.00 target price on Ovintiv in a research note on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. National Bankshares increased their price objective on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Scotiabank raised Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Ovintiv has an average rating of "Buy" and an average target price of $55.65.

Ovintiv Stock Performance

Shares of OVV traded up $0.14 during trading hours on Friday, hitting $35.81. The stock had a trading volume of 3,202,824 shares, compared to its average volume of 3,252,636. The firm has a 50-day moving average price of $36.73 and a 200 day moving average price of $40.49. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $51.72. The firm has a market capitalization of $9.30 billion, a price-to-earnings ratio of 4.75 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. As a group, research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

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

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.