Harbor Capital Advisors Inc. Takes $1.25 Million Position in Ovintiv Inc. $OVV

Key Points

• Harbor Capital Advisors Inc. acquired 32,831 shares of Ovintiv Inc. in the second quarter, valued at approximately $1,249,000.
• Several hedge funds have increased their stakes in Ovintiv, with a reported 83.81% of the company's stock now owned by institutional investors.
• Ovintiv recently announced a quarterly dividend of $0.30, representing an annualized yield of 2.9%.

Harbor Capital Advisors Inc. acquired a new position in Ovintiv Inc. (NYSE:OVV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 32,831 shares of the company's stock, valued at approximately $1,249,000.

A number of other large investors also recently bought and sold shares of the business. Lifestyle Asset Management Inc. raised its stake in Ovintiv by 46.8% in the second quarter. Lifestyle Asset Management Inc. now owns 28,170 shares of the company's stock worth $1,072,000 after buying an additional 8,987 shares in the last quarter. Inspire Investing LLC lifted its position in Ovintiv by 303.9% during the first quarter. Inspire Investing LLC now owns 25,731 shares of the company's stock valued at $1,101,000 after purchasing an additional 19,361 shares during the period. Strs Ohio acquired a new position in Ovintiv during the first quarter valued at $8,860,000. Geneos Wealth Management Inc. lifted its position in Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock valued at $78,000 after purchasing an additional 589 shares during the period. Finally, Intech Investment Management LLC raised its position in shares of Ovintiv by 31.6% in the first quarter. Intech Investment Management LLC now owns 51,109 shares of the company's stock worth $2,187,000 after acquiring an additional 12,274 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Trading Down 1.9%

Ovintiv stock traded down $0.79 during trading on Friday, reaching $41.21. The company had a trading volume of 5,143,803 shares, compared to its average volume of 2,793,891. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $47.18. The stock's 50 day moving average price is $40.73 and its two-hundred day moving average price is $38.84. The firm has a market capitalization of $10.59 billion, a price-to-earnings ratio of 18.23, 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 (NYSE:OVV - Get Free Report) last released 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). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. As a group, equities analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

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

Analyst Ratings Changes

Several research analysts recently weighed in on OVV shares. Mizuho reduced their price target on shares of Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. UBS Group increased their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Barclays raised their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Finally, Morgan Stanley set a $48.00 target price on shares of Ovintiv and gave the company an "equal weight" rating in a research report on Monday, August 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price 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.