Convergence Investment Partners LLC Purchases New Position in Ovintiv Inc. (NYSE:OVV)

Convergence Investment Partners LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 29,697 shares of the company's stock, valued at approximately $1,271,000.

Other large investors have also added to or reduced their stakes in the company. Colonial Trust Co SC acquired a new stake in Ovintiv during the fourth quarter worth approximately $28,000. Mizuho Bank Ltd. bought a new position in Ovintiv during the 4th quarter worth $40,000. Optiver Holding B.V. bought a new position in shares of Ovintiv in the 4th quarter worth about $40,000. Quent Capital LLC raised its position in shares of Ovintiv by 146.5% in the 1st 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, FNY Investment Advisers LLC acquired a new stake in shares of Ovintiv in the 1st quarter valued at about $68,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Barclays lifted their price target on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday. Citigroup set a $54.00 price target on shares of Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Mizuho decreased their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $53.94.

Ovintiv Trading Up 3.5%

Shares of NYSE:OVV traded up $1.41 on Friday, reaching $41.40. 5,744,041 shares of the company traded hands, compared to its average volume of 3,012,459. The business's 50-day simple moving average is $39.05 and its 200 day simple moving average is $39.62. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $48.35. The stock has a market capitalization of $10.76 billion, a P/E ratio of 18.32, a price-to-earnings-growth ratio of 2.23 and a beta of 1.08. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) 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 company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. As a group, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.90%. Ovintiv's dividend payout ratio is presently 53.10%.

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.