Ovintiv Inc. (NYSE:OVV) Holdings Raised by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Ovintiv Inc. by 11.7%, owning 184,095 shares worth approximately $7.88 million following the acquisition of 19,299 additional shares.
• Ovintiv reported quarterly earnings of $1.02 per share, falling short of expectations, and had a revenue of $1.79 billion against anticipated figures of $1.92 billion.
• The company declared a quarterly dividend of $0.30 per share, with a payout ratio of 53.10% and an annualized yield of 3.0%.

Federated Hermes Inc. grew its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 11.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 184,095 shares of the company's stock after purchasing an additional 19,299 shares during the period. Federated Hermes Inc. owned approximately 0.07% of Ovintiv worth $7,879,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Mackenzie Financial Corp raised its stake in shares of Ovintiv by 4.8% during the first quarter. Mackenzie Financial Corp now owns 572,645 shares of the company's stock valued at $24,509,000 after purchasing an additional 26,195 shares during the period. Carrera Capital Advisors acquired a new stake in shares of Ovintiv during the first quarter worth approximately $1,428,000. LPL Financial LLC grew its position in shares of Ovintiv by 13.3% during the first quarter. LPL Financial LLC now owns 101,389 shares of the company's stock worth $4,339,000 after buying an additional 11,897 shares in the last quarter. HB Wealth Management LLC acquired a new stake in shares of Ovintiv during the first quarter worth approximately $241,000. Finally, Cetera Investment Advisers grew its position in shares of Ovintiv by 27.0% during the first quarter. Cetera Investment Advisers now owns 36,997 shares of the company's stock worth $1,583,000 after buying an additional 7,869 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

OVV stock traded down $0.08 during mid-day trading on Monday, reaching $39.34. The company had a trading volume of 1,923,086 shares, compared to its average volume of 3,393,535. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $10.11 billion, a P/E ratio of 6.99, a P/E/G ratio of 4.77 and a beta of 1.10. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18. The stock's 50-day simple moving average is $39.60 and its two-hundred day simple moving average is $39.47.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results 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). The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. Research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio (DPR) is presently 53.10%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on OVV shares. Scotiabank raised their price target on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Morgan Stanley reissued an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a research report on Tuesday, April 15th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. 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. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. 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, the company has an average rating of "Buy" and a consensus price target of $53.47.

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.