Gateway Investment Advisers LLC Boosts Stake in Ovintiv Inc. $OVV

Key Points

• Gateway Investment Advisers LLC increased its stake in Ovintiv Inc. by 140.6% during the second quarter, bringing its holdings to 31,780 shares valued at approximately $1.21 million.
• Ovintiv recently announced a quarterly dividend of $0.30 per share, with a dividend yield of 2.9%, payable on September 29th.
• Analyst ratings for Ovintiv show a consensus "Buy" rating, with a target price averaging $52.53, reflecting strong investor confidence.

Gateway Investment Advisers LLC raised its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 140.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,780 shares of the company's stock after buying an additional 18,572 shares during the quarter. Gateway Investment Advisers LLC's holdings in Ovintiv were worth $1,209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Concurrent Investment Advisors LLC increased its holdings in shares of Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock worth $239,000 after buying an additional 297 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after buying an additional 349 shares during the period. UMB Bank n.a. increased its holdings in shares of Ovintiv by 16.9% in the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after buying an additional 417 shares during the period. Crossmark Global Holdings Inc. increased its holdings in shares of Ovintiv by 0.6% in the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after buying an additional 420 shares during the period. Finally, Aberdeen Group plc increased its holdings in shares of Ovintiv by 5.5% in the first quarter. Aberdeen Group plc now owns 9,168 shares of the company's stock worth $392,000 after buying an additional 475 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Performance

Shares of NYSE OVV traded down $0.25 during midday trading on Monday, hitting $41.00. 912,310 shares of the stock traded hands, compared to its average volume of 3,484,643. The firm has a 50-day moving average of $40.73 and a two-hundred day moving average of $38.85. The firm has a market capitalization of $10.54 billion, a P/E ratio of 18.15, a PEG ratio of 5.30 and a beta of 1.08. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). The firm had revenue of $1.79 billion for 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%. On average, equities analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is presently 53.10%.

Analysts Set New Price Targets

OVV has been the topic of several analyst reports. Wells Fargo & Company decreased their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. Barclays lifted their price objective on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Scotiabank boosted their price target on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. UBS Group boosted their price target on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, Mizuho reduced their price target on Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Ovintiv currently has a consensus rating of "Buy" and a consensus price target of $52.53.

Ovintiv Profile

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.