Foster & Motley Inc. Takes $532,000 Position in Ovintiv Inc. $OVV

Key Points

• Foster & Motley Inc. purchased a new stake in Ovintiv Inc., acquiring 13,989 shares valued at approximately $532,000 during the second quarter.
• Numerous institutional investors have also increased their holdings in Ovintiv, with hedge funds now owning 83.81% of the stock.
• Analysts have shown mixed sentiments toward Ovintiv, with target prices ranging from $38.00 to $54.00 and a consensus rating of "Moderate Buy" with an average target price of $51.12.

Foster & Motley Inc. acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,989 shares of the company's stock, valued at approximately $532,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Applied Finance Capital Management LLC purchased a new position in Ovintiv during the second quarter worth about $258,000. Aware Super Pty Ltd as trustee of Aware Super acquired a new stake in shares of Ovintiv in the second quarter valued at about $513,000. Allianz Asset Management GmbH grew its stake in shares of Ovintiv by 24.3% in the second quarter. Allianz Asset Management GmbH now owns 1,497,916 shares of the company's stock valued at $56,996,000 after buying an additional 292,906 shares in the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Ovintiv in the second quarter valued at about $850,000. Finally, NorthRock Partners LLC acquired a new stake in shares of Ovintiv in the second quarter valued at about $208,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price on Ovintiv from $46.00 to $38.00 and set an "equal weight" rating on the stock in a report on Friday. UBS Group upped their target price on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and upped their price objective for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Evercore ISI lifted their target price on shares of Ovintiv from $42.00 to $43.00 and gave the company an "outperform" rating in a research note on Monday, October 6th. Finally, Citigroup set a $54.00 price target on shares of Ovintiv and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $51.12.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $35.94 on Monday. 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 firm has a market cap of $9.24 billion, a P/E ratio of 15.90, a P/E/G ratio of 5.29 and a beta of 0.97. The firm has a 50 day simple moving average of $40.46 and a 200 day simple moving average of $38.60. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Sell-side analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid a $0.30 dividend. The ex-dividend date was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.3%. Ovintiv's dividend payout ratio is 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.

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