Merit Financial Group LLC Purchases 18,248 Shares of Ovintiv Inc. (NYSE:OVV)

Merit Financial Group LLC lifted its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 221.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,480 shares of the company's stock after purchasing an additional 18,248 shares during the period. Merit Financial Group LLC's holdings in Ovintiv were worth $1,133,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Colonial Trust Co SC bought a new stake in Ovintiv in the fourth quarter worth about $28,000. Smartleaf Asset Management LLC raised its position in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after acquiring an additional 335 shares during the period. Optiver Holding B.V. bought a new stake in Ovintiv in the fourth quarter worth about $40,000. Mizuho Bank Ltd. purchased a new position in shares of Ovintiv in the fourth quarter worth about $40,000. Finally, Cullen Frost Bankers Inc. increased its stake in shares of Ovintiv by 3,571.4% in the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

Ovintiv stock opened at $38.19 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $49.57. The firm has a market capitalization of $9.92 billion, a PE ratio of 5.06 and a beta of 1.14. The firm's 50 day simple moving average is $35.41 and its 200 day simple moving average is $39.98.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. As a group, analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.14%. Ovintiv's dividend payout ratio is presently 51.06%.

Analyst Upgrades and Downgrades

OVV has been the subject of several recent research reports. Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Wells Fargo & Company lifted their target price on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Morgan Stanley reiterated an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Finally, Mizuho reduced their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $55.65.

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.

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