Paradiem LLC Makes New Investment in Ovintiv Inc. (NYSE:OVV)

Paradiem LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 288,282 shares of the company's stock, valued at approximately $12,338,000. Ovintiv accounts for 3.4% of Paradiem LLC's investment portfolio, making the stock its 9th biggest position. Paradiem LLC owned approximately 0.11% of Ovintiv as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in OVV. Allspring Global Investments Holdings LLC increased its holdings in Ovintiv by 2,987.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 28,191 shares of the company's stock valued at $1,173,000 after buying an additional 27,278 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Ovintiv by 15.2% in the 4th quarter. Van ECK Associates Corp now owns 3,587 shares of the company's stock valued at $145,000 after acquiring an additional 473 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Ovintiv by 36.7% in the 4th quarter. Sanctuary Advisors LLC now owns 13,654 shares of the company's stock valued at $599,000 after acquiring an additional 3,663 shares during the last quarter. CIBC Asset Management Inc increased its holdings in shares of Ovintiv by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 8,386 shares of the company's stock valued at $340,000 after acquiring an additional 449 shares during the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new position in Ovintiv in the fourth quarter valued at approximately $214,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OVV has been the topic of several recent analyst reports. Williams Trading set a $58.00 price target on shares of Ovintiv in a research note on Wednesday, March 5th. Wells Fargo & Company dropped their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and increased their target price for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Barclays dropped their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Ovintiv currently has a consensus rating of "Buy" and a consensus price target of $54.69.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $41.56 on Friday. The business's 50 day simple moving average is $36.63 and its 200-day simple moving average is $39.68. The firm has a market capitalization of $10.80 billion, a price-to-earnings ratio of 17.69, a price-to-earnings-growth ratio of 2.26 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. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $49.57.

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

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.89%. Ovintiv's dividend payout ratio is presently 51.06%.

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.

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