Lifestyle Asset Management Inc. Buys 8,987 Shares of Ovintiv Inc. $OVV

Key Points

• Lifestyle Asset Management Inc. increased its stake in Ovintiv Inc. by 46.8% during the 2nd quarter, acquiring an additional 8,987 shares to bring its total holdings to 28,170 shares valued at approximately $1,072,000.
• Analysts have mixed opinions on Ovintiv, with Mizuho and Wells Fargo lowering their price targets, while Barclays raised theirs, leading to an average rating of "Buy" and a consensus price target of $52.53.
• Ovintiv announced a quarterly dividend of $0.30 per share, with an annualized dividend yield of 2.9%, indicating a payout ratio of 53.10% as of the upcoming payment date of September 29th.

Lifestyle Asset Management Inc. lifted its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 46.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,170 shares of the company's stock after acquiring an additional 8,987 shares during the quarter. Lifestyle Asset Management Inc.'s holdings in Ovintiv were worth $1,072,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Atlas Capital Advisors Inc. lifted its stake in shares of Ovintiv by 1,681.1% in the first quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company's stock worth $594,000 after buying an additional 13,096 shares during the last quarter. BNP Paribas Financial Markets grew its stake in Ovintiv by 54.3% during the first quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company's stock worth $41,211,000 after buying an additional 338,866 shares during the last quarter. Raymond James Financial Inc. lifted its position in Ovintiv by 204.2% during the 1st quarter. Raymond James Financial Inc. now owns 583,839 shares of the company's stock worth $24,988,000 after buying an additional 391,923 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after purchasing an additional 7,344,796 shares in the last quarter. Finally, Maverick Capital Ltd. boosted its stake in Ovintiv by 135.3% in the first quarter. Maverick Capital Ltd. now owns 13,492 shares of the company's stock valued at $577,000 after acquiring an additional 7,758 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on OVV shares. Citigroup set a $54.00 target price on Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Wells Fargo & Company decreased their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and raised their price objective for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Scotiabank raised their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. 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. Based on data from MarketBeat, Ovintiv currently has an average rating of "Buy" and an average price target of $52.53.

Ovintiv Stock Performance

Shares of Ovintiv stock traded down $0.79 on Friday, hitting $41.21. 5,143,803 shares of the company's stock were exchanged, 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 company has a 50-day simple moving average of $40.73 and a 200-day simple moving average of $38.84. The stock has a market capitalization of $10.59 billion, a PE ratio of 18.23, a PEG ratio of 5.40 and a beta of 1.08. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18.

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 the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.79 billion for 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%. As a group, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current 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 $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio is presently 53.10%.

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.