Inspire Investing LLC Has $1.10 Million Position in Ovintiv Inc. $OVV

Key Points

• Inspire Investing LLC has significantly increased its stake in Ovintiv Inc. by 303.9%, acquiring a total of 25,731 shares valued at approximately $1.1 million.
• Wall Street analysts have a mostly positive outlook on Ovintiv, with a consensus price target of $53.07 and recommendations ranging from "Strong Buy" to "Hold".
• Ovintiv recently announced a quarterly dividend of $0.30, with an annualized yield of 2.9%, set to be paid on September 29th.

Inspire Investing LLC grew its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 303.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,731 shares of the company's stock after purchasing an additional 19,361 shares during the quarter. Inspire Investing LLC's holdings in Ovintiv were worth $1,101,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OVV. Captrust Financial Advisors grew its stake in shares of Ovintiv by 129.1% in the fourth quarter. Captrust Financial Advisors now owns 18,209 shares of the company's stock valued at $737,000 after acquiring an additional 10,261 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Ovintiv by 21.0% in the 4th quarter. Cetera Investment Advisers now owns 29,128 shares of the company's stock valued at $1,180,000 after purchasing an additional 5,053 shares in the last quarter. Focus Partners Wealth acquired a new stake in shares of Ovintiv in the 4th quarter valued at approximately $523,000. Jacobs Levy Equity Management Inc. boosted its stake in shares of Ovintiv by 8.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 60,305 shares of the company's stock valued at $2,442,000 after purchasing an additional 4,480 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Ovintiv by 1,393.1% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,155 shares of the company's stock valued at $614,000 after purchasing an additional 14,140 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 4.1%

OVV stock traded up $1.65 during mid-day trading on Tuesday, reaching $42.32. The company's stock had a trading volume of 3,229,978 shares, compared to its average volume of 3,498,247. The company has a market cap of $10.88 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 5.38 and a beta of 1.08. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The business's 50 day moving average price is $40.67 and its 200 day moving average price is $38.76. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data 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 company had revenue of $1.79 billion during 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 research analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Morgan Stanley set a $48.00 price target on shares of Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. 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. Wells Fargo & Company reduced their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $52.53.

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.