Pacific Heights Asset Management LLC Purchases 115,000 Shares of Ovintiv Inc. $OVV

Key Points

• Pacific Heights Asset Management LLC has increased its holdings in Ovintiv Inc. by 41.8%, now owning a total of 390,000 shares worth approximately $14.84 million.
• Analysts have mixed ratings on Ovintiv, with an average price target of $51.12, while one analyst rated it as a strong buy and four as a hold.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, resulting in an annualized dividend yield of 3.3%.

Pacific Heights Asset Management LLC increased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 41.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 390,000 shares of the company's stock after acquiring an additional 115,000 shares during the quarter. Pacific Heights Asset Management LLC owned about 0.15% of Ovintiv worth $14,840,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. IFP Advisors Inc raised its stake in shares of Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company's stock worth $32,000 after acquiring an additional 643 shares in the last quarter. Dogwood Wealth Management LLC bought a new position in shares of Ovintiv during the 2nd quarter worth approximately $35,000. Harbour Investments Inc. raised its stake in shares of Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after acquiring an additional 542 shares in the last quarter. Gen Wealth Partners Inc raised its stake in shares of Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after acquiring an additional 484 shares in the last quarter. Finally, SVB Wealth LLC bought a new position in shares of Ovintiv during the 1st quarter worth approximately $48,000. Institutional investors own 83.81% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on OVV shares. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. 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 research note on Friday, July 11th. Zacks Research lowered shares of Ovintiv from a "hold" rating to a "strong sell" rating in a research note on Friday, September 26th. Roth Capital assumed coverage on shares of Ovintiv in a research note on Monday, October 13th. They set a "neutral" rating and a $42.00 price target on the stock. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Ovintiv in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $51.12.

Ovintiv Stock Down 0.2%

NYSE:OVV opened at $36.18 on Wednesday. The firm has a market capitalization of $9.30 billion, a P/E ratio of 16.01, a PEG ratio of 5.34 and a beta of 0.97. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The company's fifty day moving average price is $40.34 and its 200-day moving average price is $38.61. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The business had revenue of $1.79 billion during 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%. As a group, equities research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, September 15th. Ovintiv's dividend payout ratio (DPR) is currently 53.10%.

Ovintiv Company 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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