Intech Investment Management LLC Buys 12,274 Shares of Ovintiv Inc. $OVV

Key Points

• Intech Investment Management LLC increased its holdings in Ovintiv Inc. by 31.6% during the first quarter, now owning 51,109 shares valued at $2,187,000.
• Ovintiv recently announced a quarterly dividend of $0.30 per share, representing an annual yield of 2.9%, with a payout ratio of 53.10%.
• Despite a recent earnings miss, analyst ratings remain positive, with numerous brokerages assigning a Buy or Strong Buy rating, alongside an average price target of $52.53.

Intech Investment Management LLC lifted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 31.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 51,109 shares of the company's stock after buying an additional 12,274 shares during the quarter. Intech Investment Management LLC's holdings in Ovintiv were worth $2,187,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. Harbour Investments Inc. increased its stake in shares of Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after buying an additional 542 shares in the last quarter. Gen Wealth Partners Inc lifted its holdings in Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after purchasing an additional 484 shares during the last quarter. SVB Wealth LLC bought a new stake in shares of Ovintiv during the 1st quarter worth about $48,000. Quent Capital LLC boosted its holdings in shares of Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after buying an additional 674 shares during the period. Finally, Smartleaf Asset Management LLC grew its holdings in Ovintiv by 43.4% in the 1st 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 in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

NYSE OVV traded down $0.79 during trading on Friday, reaching $41.21. The company's stock had a trading volume of 5,143,803 shares, compared to its average volume of 2,793,891. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market cap of $10.59 billion, a price-to-earnings ratio of 18.23, a P/E/G ratio of 5.40 and a beta of 1.08. The business's fifty day moving average price is $40.73 and its 200-day moving average price is $38.84. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv's dividend payout ratio (DPR) is 53.10%.

Analysts Set New Price Targets

Several analysts recently weighed in on OVV shares. UBS Group raised their price objective on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Barclays raised their target price on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wells Fargo & Company decreased their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. Mizuho cut their target price on Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Finally, Citigroup set a $54.00 price objective on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average 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.