Ovintiv Inc. $OVV Shares Purchased by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in Ovintiv Inc. by 28.2%, now owning approximately 625,642 shares valued at about $26.8 million.
• Several financial institutions, including NewEdge Advisors and Goldman Sachs, have recently raised their ratings and price targets for Ovintiv, reflecting a positive outlook on the stock.
• Ovintiv announced a quarterly dividend of $0.30 per share, translating to an annualized dividend of $1.20 and a yield of 2.9%.

American Century Companies Inc. raised its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 28.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 625,642 shares of the company's stock after buying an additional 137,460 shares during the quarter. American Century Companies Inc. owned about 0.24% of Ovintiv worth $26,777,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Colonial Trust Co SC acquired a new stake in Ovintiv during the 4th quarter valued at $28,000. Harbour Investments Inc. boosted its holdings in shares of Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after purchasing an additional 542 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Ovintiv during the fourth quarter worth $40,000. Quent Capital LLC boosted its holdings in shares of Ovintiv by 146.5% during the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after purchasing an additional 674 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Ovintiv in the first quarter valued at $61,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of research analyst reports. Citigroup set a $54.00 target price on Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Mizuho reduced their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Barclays boosted their price target on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wells Fargo & Company cut their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Finally, UBS Group boosted their price target on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $53.07.

Ovintiv Stock Up 1.9%

Ovintiv stock traded up $0.80 during midday trading on Wednesday, hitting $41.71. The stock had a trading volume of 1,135,232 shares, compared to its average volume of 3,524,582. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The stock has a market cap of $10.72 billion, a P/E ratio of 18.43, a P/E/G ratio of 5.14 and a beta of 1.10. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The business has a fifty day moving average price of $40.03 and a 200 day moving average price of $38.98.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). The firm had revenue of $1.79 billion during 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%. Research analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv's dividend payout ratio is 53.10%.

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.