Fuller & Thaler Asset Management Inc. Takes $56.87 Million Position in Ovintiv Inc. $OVV

Key Points

• Fuller & Thaler Asset Management Inc. has acquired a new stake in Ovintiv Inc., purchasing 1,328,623 shares worth approximately $56.87 million, giving them a 0.51% ownership in the company.
• Several large investors, including Korea Investment CORP and Raymond James Financial Inc., have also increased their holdings in Ovintiv, indicating growing institutional interest in the stock.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, which represents a 3.1% yield, payable on September 29th to shareholders of record on September 15th.

Fuller & Thaler Asset Management Inc. bought a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,328,623 shares of the company's stock, valued at approximately $56,865,000. Fuller & Thaler Asset Management Inc. owned about 0.51% of Ovintiv as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. Colonial Trust Co SC purchased a new stake in shares of Ovintiv during the fourth quarter worth about $28,000. Harbour Investments Inc. increased 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 during the last quarter. Optiver Holding B.V. purchased a new stake in shares of Ovintiv during the fourth quarter worth about $40,000. Gen Wealth Partners Inc increased its position in shares of Ovintiv by 91.8% during the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after acquiring an additional 484 shares during the last quarter. Finally, Quent Capital LLC increased 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 during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on OVV shares. UBS Group lifted their target price on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday. Barclays boosted their price objective on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, July 25th. TD Cowen raised Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Morgan Stanley set a $48.00 price objective on Ovintiv and gave the company an "equal weight" rating in a report on Monday, August 18th. Finally, Scotiabank boosted their price objective on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $53.07.

Ovintiv Price Performance

OVV traded up $1.6450 during trading on Friday, reaching $40.8850. The stock had a trading volume of 3,310,127 shares, compared to its average volume of 3,258,152. The firm has a market capitalization of $10.51 billion, a price-to-earnings ratio of 18.09, a price-to-earnings-growth ratio of 5.10 and a beta of 1.10. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The stock has a 50 day moving average of $40.04 and a two-hundred day moving average of $39.00.

Ovintiv (NYSE:OVV - Get Free Report) last released its 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). The firm had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, September 15th. 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.