Impact Partnership Wealth LLC Takes Position in Ovintiv Inc. (NYSE:OVV)

Impact Partnership Wealth LLC acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 9,024 shares of the company's stock, valued at approximately $386,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Allegiance Financial Group Advisory Services LLC acquired a new stake in shares of Ovintiv in the first quarter valued at approximately $267,000. Napatree Capital LLC raised its holdings in Ovintiv by 22.1% in the 1st quarter. Napatree Capital LLC now owns 12,265 shares of the company's stock valued at $525,000 after acquiring an additional 2,219 shares in the last quarter. Cullen Frost Bankers Inc. increased its stake in shares of Ovintiv by 65.4% in the 1st quarter. Cullen Frost Bankers Inc. now owns 1,700 shares of the company's stock valued at $73,000 after purchasing an additional 672 shares during the last quarter. Parcion Private Wealth LLC bought a new stake in Ovintiv during the 1st quarter worth $270,000. Finally, CWM LLC lifted its holdings in Ovintiv by 55.6% during the 1st quarter. CWM LLC now owns 90,551 shares of the company's stock worth $3,876,000 after buying an additional 32,354 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

NYSE OVV traded up $0.21 during trading hours on Wednesday, reaching $39.46. The company's stock had a trading volume of 1,030,930 shares, compared to its average volume of 3,357,426. The stock has a market cap of $10.25 billion, a PE ratio of 16.77, a PEG ratio of 2.17 and a beta of 1.08. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $48.35. The company's 50-day moving average is $38.90 and its two-hundred day moving average is $39.66. The company has a debt-to-equity ratio of 0.44, 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 Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. Analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is 51.06%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OVV. Mizuho dropped their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Wells Fargo & Company dropped their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a research note on Tuesday, April 15th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and upped their price target for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Citigroup set a $54.00 price target on Ovintiv and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $53.81.

Ovintiv Company 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.