LPL Financial LLC Purchases 11,897 Shares of Ovintiv Inc. (NYSE:OVV)

Key Points

• LPL Financial LLC increased its holdings in Ovintiv Inc. by 13.3% in Q1, now owning 101,389 shares valued at approximately $4.34 million.
• Ovintiv has announced a quarterly dividend of $0.30 per share, with an ex-dividend date of September 15, representing a 3.0% annualized yield.
• Analyst ratings indicate an average consensus of "Buy" for Ovintiv, with a current price target of $53.47, and several brokerages have set targets between $41 and $57.

LPL Financial LLC increased its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 13.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,389 shares of the company's stock after purchasing an additional 11,897 shares during the period. LPL Financial LLC's holdings in Ovintiv were worth $4,339,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new stake in shares of Ovintiv during the fourth quarter worth approximately $25,272,000. Raymond James Financial Inc. acquired a new stake in shares of Ovintiv during the fourth quarter worth approximately $7,773,000. AXA S.A. increased its holdings in shares of Ovintiv by 56.7% during the fourth quarter. AXA S.A. now owns 21,715 shares of the company's stock worth $879,000 after buying an additional 7,853 shares in the last quarter. Interval Partners LP increased its holdings in shares of Ovintiv by 13.1% during the fourth quarter. Interval Partners LP now owns 173,913 shares of the company's stock worth $7,043,000 after buying an additional 20,201 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Ovintiv by 0.3% during the first quarter. Principal Financial Group Inc. now owns 646,439 shares of the company's stock worth $27,668,000 after buying an additional 1,976 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Ratings Changes

Several analysts have recently weighed in on OVV shares. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Barclays raised their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Mizuho dropped their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, Wells Fargo & Company decreased their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Ovintiv presently has an average rating of "Buy" and a consensus price target of $53.47.

Ovintiv Trading Down 1.0%

OVV stock traded down $0.41 during midday trading on Friday, reaching $39.43. The company's stock had a trading volume of 4,341,336 shares, compared to its average volume of 3,445,697. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18. The stock has a market cap of $10.14 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 4.77 and a beta of 1.10. 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 business's 50-day simple moving average is $40.14 and its 200-day simple moving average is $39.13.

Ovintiv (NYSE:OVV - Get Free Report) last announced 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 during the quarter, compared to the consensus estimate of $1.92 billion. As a group, sell-side analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.30 dividend. 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 (DPR) is presently 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.