Invesco Ltd. Increases Holdings in Ovintiv Inc. $OVV

Key Points

• Invesco Ltd. increased its holdings in Ovintiv Inc. by 2.2% in the first quarter, owning 1,288,162 shares worth approximately $55.1 million.
• Ovintiv announced a quarterly dividend of $0.30 per share, representing an annualized payout of $1.20 and a yield of 3.0%.
• Analysts have mixed price targets for Ovintiv, with a consensus price target of $53.47 and several buy ratings, indicating positive market outlook.

Invesco Ltd. grew its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,288,162 shares of the company's stock after buying an additional 27,472 shares during the quarter. Invesco Ltd. owned 0.49% of Ovintiv worth $55,133,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Concurrent Investment Advisors LLC raised its position in shares of Ovintiv by 5.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after buying an additional 297 shares in the last quarter. UMB Bank n.a. grew its holdings in Ovintiv by 16.9% during the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock valued at $124,000 after purchasing an additional 417 shares during the last quarter. Crossmark Global Holdings Inc. grew its holdings in Ovintiv by 0.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock valued at $2,962,000 after purchasing an additional 420 shares during the last quarter. Kestra Private Wealth Services LLC grew its holdings in Ovintiv by 9.2% during the 1st quarter. Kestra Private Wealth Services LLC now owns 5,737 shares of the company's stock valued at $246,000 after purchasing an additional 482 shares during the last quarter. Finally, J. Safra Sarasin Holding AG grew its holdings in Ovintiv by 1.3% during the 4th quarter. J. Safra Sarasin Holding AG now owns 39,120 shares of the company's stock valued at $1,584,000 after purchasing an additional 511 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

NYSE OVV opened at $39.43 on Monday. 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's 50 day moving average price is $40.14 and its 200-day moving average price is $39.10. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a market cap of $10.14 billion, a PE ratio of 17.45, a P/E/G ratio of 4.76 and a beta of 1.10.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data 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 business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. Sell-side analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Ovintiv's dividend payout ratio is presently 53.10%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on OVV. Mizuho cut their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Barclays upped their price target on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Scotiabank upped their price target on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company cut their price target 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. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Ovintiv has an average rating of "Buy" and a consensus price target of $53.47.

About Ovintiv

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.

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