NorthCrest Asset Manangement LLC Purchases Shares of 6,071 Ovintiv Inc. (NYSE:OVV)

NorthCrest Asset Manangement LLC acquired a new position in Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,071 shares of the company's stock, valued at approximately $260,000.

A number of other institutional investors and hedge funds have also made changes to their positions in OVV. Allspring Global Investments Holdings LLC grew its stake in shares of Ovintiv by 2,987.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 28,191 shares of the company's stock worth $1,173,000 after buying an additional 27,278 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Ovintiv by 15.2% in the fourth quarter. Van ECK Associates Corp now owns 3,587 shares of the company's stock worth $145,000 after acquiring an additional 473 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Ovintiv by 2.9% in the fourth quarter. Rhumbline Advisers now owns 759,036 shares of the company's stock worth $30,741,000 after acquiring an additional 21,181 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Ovintiv by 36.7% during the fourth quarter. Sanctuary Advisors LLC now owns 13,654 shares of the company's stock valued at $599,000 after acquiring an additional 3,663 shares in the last quarter. Finally, CIBC Asset Management Inc raised its position in shares of Ovintiv by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 8,386 shares of the company's stock worth $340,000 after purchasing an additional 449 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

Shares of NYSE OVV traded up $0.26 during midday trading on Tuesday, hitting $41.66. 2,964,715 shares of the company's stock traded hands, compared to its average volume of 3,385,905. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market capitalization of $10.82 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 2.25 and a beta of 1.09. The firm has a fifty day moving average of $36.04 and a 200 day moving average of $39.71. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $49.57.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. On average, analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 2.88%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Analyst Ratings Changes

Several brokerages recently commented on OVV. JPMorgan Chase & Co. cut their price objective 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. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Mizuho reduced their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. Finally, Barclays reduced their target price on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $54.69.

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.