Ovintiv Inc. $OVV Stake Boosted by Inspire Investing LLC

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

Several other large investors have also recently added to or reduced their stakes in OVV. Concurrent Investment Advisors LLC lifted its stake in shares of Ovintiv by 5.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after purchasing an additional 297 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock valued at $49,000 after buying an additional 349 shares during the period. UMB Bank n.a. raised its holdings in Ovintiv by 16.9% in the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock valued at $124,000 after buying an additional 417 shares during the period. Crossmark Global Holdings Inc. lifted its position in Ovintiv by 0.6% during the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock valued at $2,962,000 after buying an additional 420 shares in the last quarter. Finally, Aberdeen Group plc grew its stake in Ovintiv by 5.5% during 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 hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their target price for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Barclays boosted their price objective on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Mizuho dropped their target price on Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a report on Monday. Scotiabank boosted their price target on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, Wells Fargo & Company lowered their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of "Buy" and an average price target of $52.53.

Ovintiv Stock Down 0.2%

Shares of Ovintiv stock traded down $0.09 on Thursday, hitting $41.88. 1,018,734 shares of the company's stock traded hands, compared to its average volume of 3,481,748. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The stock has a market cap of $10.76 billion, a P/E ratio of 18.49, a PEG ratio of 5.44 and a beta of 1.08. The firm's 50-day moving average is $40.73 and its 200 day moving average is $38.81.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) 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 analyst estimates of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. Equities analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

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 $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 (DPR) is 53.10%.

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.