Alps Advisors Inc. Takes Position in Ovintiv Inc. (NYSE:OVV)

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

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in shares of Ovintiv by 2.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock worth $412,000 after acquiring an additional 276 shares during the period. Concurrent Investment Advisors LLC raised its holdings in Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after buying an additional 297 shares during the period. Bessemer Group Inc. raised its stake in shares of Ovintiv by 0.4% during the fourth quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock valued at $2,837,000 after purchasing an additional 310 shares during the period. UMB Bank n.a. raised its stake in shares of Ovintiv by 16.9% during the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock valued at $124,000 after purchasing an additional 417 shares during the period. Finally, Crossmark Global Holdings Inc. raised its stake in shares of Ovintiv by 0.6% during the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock valued at $2,962,000 after purchasing an additional 420 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

Shares of OVV stock traded up $0.03 during trading hours on Friday, reaching $40.05. 2,812,264 shares of the company's stock were exchanged, compared to its average volume of 3,360,616. The business has a fifty day moving average price of $38.90 and a 200-day moving average price of $39.68. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $10.41 billion, a P/E ratio of 17.04, a P/E/G ratio of 2.22 and a beta of 1.08. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $48.35.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. Analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid 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 3.00%. Ovintiv's dividend payout ratio is currently 51.06%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on OVV shares. Morgan Stanley reiterated an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Wells Fargo & Company decreased their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Barclays raised their price target on shares of Ovintiv from $53.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, July 7th. Citigroup set a $54.00 price target on shares of Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Finally, 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 research report on Tuesday, May 13th. Two research 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 data from MarketBeat.com, Ovintiv has a consensus rating of "Buy" and an average target price of $53.81.

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.