19,609 Shares in Ovintiv Inc. (NYSE:OVV) Purchased by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC has acquired 19,609 shares of Ovintiv Inc. (NYSE:OVV), valued at approximately $828,000, as reported in their recent 13F filing with the SEC.
• Ovintiv's quarterly earnings fell short of analyst expectations, reporting $1.02 EPS against a consensus estimate of $1.04, with revenues of $1.79 billion compared to an anticipated $1.92 billion.
• The company has announced a quarterly dividend of $0.30 per share, reflecting a 3.0% dividend yield, scheduled to be paid on September 29th, with an ex-dividend date on September 15th.

CCM Investment Group LLC acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,609 shares of the company's stock, valued at approximately $828,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Colonial Trust Co SC purchased a new stake in shares of Ovintiv during the fourth quarter worth $28,000. Harbour Investments Inc. lifted its position in shares of Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after acquiring an additional 542 shares in the last quarter. Optiver Holding B.V. purchased a new stake in shares of Ovintiv during the fourth quarter worth $40,000. Quent Capital LLC lifted its position in shares of Ovintiv by 146.5% during the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after acquiring an additional 674 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in shares of Ovintiv during the first quarter worth $61,000. 83.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and increased their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Mizuho dropped their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Scotiabank increased their price objective on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, Barclays increased their price objective on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has an average rating of "Buy" and an average price target of $53.47.

Ovintiv Price Performance

NYSE OVV traded up $0.67 during trading hours on Tuesday, reaching $39.60. 2,064,112 shares of the stock traded hands, compared to its average volume of 3,429,865. The stock has a 50 day simple moving average of $40.01 and a two-hundred day simple moving average of $39.22. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market cap of $10.18 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 4.71 and a beta of 1.10.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. On average, 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 will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio (DPR) is 53.10%.

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.