Wealth Enhancement Advisory Services LLC Has $2.80 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 65.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,439 shares of the company's stock after acquiring an additional 25,817 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Ovintiv were worth $2,801,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Ovintiv by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock worth $1,193,272,000 after acquiring an additional 451,947 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Ovintiv by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after purchasing an additional 683,700 shares in the last quarter. 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 valued at $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. AQR Capital Management LLC grew its position in Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in Ovintiv by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock valued at $118,530,000 after purchasing an additional 8,168 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

OVV stock traded down $0.33 during trading hours on Friday, reaching $38.40. The stock had a trading volume of 4,525,850 shares, compared to its average volume of 3,332,741. The stock has a market capitalization of $9.98 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 2.09 and a beta of 1.09. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a 50-day simple moving average of $37.17 and a 200 day simple moving average of $39.57. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $49.57.

Ovintiv (NYSE:OVV - Get Free Report) last announced 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 during 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 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's dividend payout ratio is presently 51.06%.

Analysts Set New Price Targets

OVV has been the subject of a number of analyst reports. Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a research report on Tuesday, April 15th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and raised their target price for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Barclays decreased their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Mizuho decreased their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Ovintiv has a consensus rating of "Buy" and an average target price of $54.69.

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.