Envestnet Asset Management Inc. Purchases 326,489 Shares of Ovintiv Inc. (NYSE:OVV)

Envestnet Asset Management Inc. boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 144.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 552,905 shares of the company's stock after buying an additional 326,489 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.21% of Ovintiv worth $23,664,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in OVV. Meiji Yasuda Asset Management Co Ltd. lifted its stake in Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock worth $412,000 after purchasing an additional 276 shares during the last quarter. Concurrent Investment Advisors LLC increased 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 purchasing an additional 297 shares during the period. Bessemer Group Inc. increased its holdings in Ovintiv by 0.4% in 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. increased its holdings in Ovintiv by 16.9% in 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, J. Safra Sarasin Holding AG grew its holdings in Ovintiv by 1.3% during the 4th quarter. J. Safra Sarasin Holding AG now owns 39,120 shares of the company's stock worth $1,584,000 after acquiring an additional 511 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on OVV shares. Morgan Stanley reissued an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and raised their price target for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Mizuho dropped their price target on shares of 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 raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $53.81.

Ovintiv Stock Performance

Ovintiv stock traded up $0.03 during midday trading on Friday, reaching $40.05. 2,812,264 shares of the company traded hands, compared to its average volume of 3,360,616. 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 Inc. has a 12 month low of $29.80 and a 12 month high of $48.35. The firm has a market capitalization of $10.41 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 2.22 and a beta of 1.08. The business has a 50 day moving average of $38.90 and a two-hundred day moving average of $39.68.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. As a group, research analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors 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 payout ratio is 51.06%.

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.