Wealthquest Corp Acquires New Position in Ovintiv Inc. (NYSE:OVV)

Key Points

• Wealthquest Corp has acquired a new stake in Ovintiv Inc. by purchasing 17,500 shares, valued at approximately $749,000.
• Ovintiv recently announced a quarterly dividend of $0.30 per share, with an annualized yield of 2.9%.
• Analysts have mixed ratings on Ovintiv, with a consensus rating of "Buy" and a price target averaging $53.94.

Wealthquest Corp bought a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 17,500 shares of the company's stock, valued at approximately $749,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Westpac Banking Corp lifted its stake in shares of Ovintiv by 64.8% in the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after purchasing an additional 12,340 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in Ovintiv during the 4th quarter valued at $25,272,000. Franklin Resources Inc. boosted its position in shares of Ovintiv by 62.3% in the 4th quarter. Franklin Resources Inc. now owns 439,769 shares of the company's stock worth $17,811,000 after purchasing an additional 168,801 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Ovintiv by 11.5% in the 4th quarter. Federated Hermes Inc. now owns 164,796 shares of the company's stock worth $6,674,000 after purchasing an additional 16,945 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Ovintiv during the 4th quarter worth about $7,773,000. Institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of several recent analyst reports. 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. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Barclays boosted their target price on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Scotiabank boosted their target price on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of "Buy" and a consensus price target of $53.47.

Ovintiv Stock Performance

NYSE OVV traded down $1.75 during trading hours on Friday, hitting $39.43. The company had a trading volume of 3,191,481 shares, compared to its average volume of 3,233,960. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The company has a market cap of $10.14 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 4.77 and a beta of 1.10. The business has a 50 day moving average of $39.60 and a 200-day moving average of $39.51. 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 (NYSE:OVV - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. The company had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. As a group, equities research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 annualized dividend and a yield of 3.0%. Ovintiv's payout ratio is 53.10%.

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.