Alps Advisors Inc. Buys Shares of 8,740 Ovintiv Inc. (NYSE:OVV)

Alps Advisors Inc. acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,740 shares of the company's stock, valued at approximately $374,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Colonial Trust Co SC acquired a new position in Ovintiv during the fourth quarter valued at $28,000. Mizuho Bank Ltd. purchased a new stake in shares of Ovintiv during the fourth quarter worth approximately $40,000. Optiver Holding B.V. purchased a new stake in shares of Ovintiv during the fourth quarter worth approximately $40,000. EverSource Wealth Advisors LLC increased its position in shares of Ovintiv by 451.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock worth $46,000 after purchasing an additional 940 shares in the last quarter. Finally, Quent Capital LLC grew its holdings in Ovintiv by 146.5% in the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after buying an additional 674 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of OVV stock traded down $1.14 during midday trading on Wednesday, hitting $39.34. The company had a trading volume of 2,942,775 shares, compared to its average volume of 3,349,398. The company's 50 day simple moving average is $38.62 and its 200 day simple moving average is $39.68. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $49.57. The stock has a market cap of $10.22 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 2.34 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Research analysts anticipate 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 was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.05%. Ovintiv's dividend payout ratio is presently 51.06%.

Analysts Set New Price Targets

Several brokerages have issued reports on OVV. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Mizuho reduced their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and increased their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, Morgan Stanley reissued an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $54.47.

Ovintiv Company 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.