Focus Partners Advisor Solutions LLC Purchases 10,372 Shares of Ovintiv Inc. $OVV

Key Points

• Focus Partners Advisor Solutions LLC increased its stake in Ovintiv Inc. by 186.0%, acquiring a total of 15,947 shares valued at $683,000, as reported in their recent SEC filing.
• During the first quarter, multiple institutional investors, including Atlas Capital Advisors and Raymond James Financial Inc., significantly increased their positions in Ovintiv, indicating strong institutional interest.
• Ovintiv's stock has shown a 1-year performance range with a low of $29.80 and a high of $47.18, currently opening at $42.60, with a P/E ratio of 18.85 and a recent earnings miss against analysts' expectations.

Focus Partners Advisor Solutions LLC increased its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 186.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,947 shares of the company's stock after purchasing an additional 10,372 shares during the quarter. Focus Partners Advisor Solutions LLC's holdings in Ovintiv were worth $683,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. DRW Securities LLC lifted its holdings in Ovintiv by 26.5% in the first quarter. DRW Securities LLC now owns 59,475 shares of the company's stock worth $2,546,000 after purchasing an additional 12,456 shares during the period. Panagora Asset Management Inc. lifted its holdings in Ovintiv by 4.7% in the first quarter. Panagora Asset Management Inc. now owns 428,864 shares of the company's stock worth $18,355,000 after purchasing an additional 19,417 shares during the period. State of Wyoming lifted its holdings in Ovintiv by 28.1% in the first quarter. State of Wyoming now owns 4,672 shares of the company's stock worth $200,000 after purchasing an additional 1,025 shares during the period. OMERS ADMINISTRATION Corp lifted its holdings in Ovintiv by 10.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 51,937 shares of the company's stock worth $2,223,000 after purchasing an additional 5,080 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in Ovintiv by 54.3% in the first quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company's stock worth $41,211,000 after purchasing an additional 338,866 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. 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. UBS Group upped their price target on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and upped their price target for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Scotiabank upped their price target on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. Finally, Wells Fargo & Company cut their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of "Buy" and a consensus price target of $53.07.

Ovintiv Trading Down 3.5%

NYSE OVV traded down $1.51 on Friday, hitting $41.09. 3,572,283 shares of the company were exchanged, compared to its average volume of 2,758,909. The company's 50 day moving average price is $40.40 and its 200-day moving average price is $38.86. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market capitalization of $10.56 billion, a P/E ratio of 7.29, a price-to-earnings-growth ratio of 5.28 and a beta of 1.08. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. Analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm 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 $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. Ovintiv's dividend payout ratio is currently 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.