Wealth Enhancement Advisory Services LLC Buys 25,817 Shares of Ovintiv Inc. (NYSE:OVV)

Wealth Enhancement Advisory Services LLC increased its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 65.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,439 shares of the company's stock after purchasing an additional 25,817 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Ovintiv were worth $2,801,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Arrowstreet Capital Limited Partnership grew its position in Ovintiv by 1,732.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after acquiring an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock valued at $99,587,000 after acquiring an additional 2,312,292 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of Ovintiv by 243.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after purchasing an additional 1,818,337 shares in the last quarter. AQR Capital Management LLC raised its position in Ovintiv by 69.7% in the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after purchasing an additional 1,348,221 shares during the period. Finally, Webs Creek Capital Management LP purchased a new stake in Ovintiv during the fourth quarter valued at about $54,086,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Up 3.2%

NYSE:OVV traded up $1.21 during trading hours on Tuesday, reaching $39.26. 3,855,538 shares of the company traded hands, compared to its average volume of 3,337,255. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $49.57. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. The business's 50-day moving average price is $37.40 and its two-hundred day moving average price is $39.54. The stock has a market capitalization of $10.20 billion, a P/E ratio of 16.70, a P/E/G ratio of 2.07 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. The firm had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. Analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.06%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and increased their target price for the stock from $47.00 to $51.00 in a report on Tuesday. Morgan Stanley reiterated an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Barclays cut their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Ovintiv presently has a consensus rating of "Buy" and an average target price of $54.47.

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.