Raymond James Financial Inc. Purchases 391,923 Shares of Ovintiv Inc. $OVV

Key Points

• Raymond James Financial Inc. increased its stake in Ovintiv Inc. by 204.2%, owning a total of 583,839 shares valued at approximately $24.99 million after purchasing 391,923 shares in the first quarter.
• Ovintiv announced a quarterly dividend of $0.30 per share, which represents an annualized dividend of $1.20 and a dividend yield of 2.9%.
• Analysts have mixed ratings for Ovintiv, with target prices ranging from $41.00 to $57.00, while the stock holds an average rating of "Buy".

Raymond James Financial Inc. increased its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 204.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 583,839 shares of the company's stock after purchasing an additional 391,923 shares during the quarter. Raymond James Financial Inc. owned 0.22% of Ovintiv worth $24,988,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Colonial Trust Co SC bought a new position in shares of Ovintiv during the 4th quarter valued at approximately $28,000. Harbour Investments Inc. increased its position in shares of Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares during the last quarter. Optiver Holding B.V. bought a new position in shares of Ovintiv during the 4th quarter valued at approximately $40,000. Gen Wealth Partners Inc increased its position 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 valued at $43,000 after purchasing an additional 484 shares during the last quarter. Finally, Quent Capital LLC increased its position in shares of Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after purchasing an additional 674 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on OVV. Wells Fargo & Company cut their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Scotiabank boosted their target price on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. UBS Group upped their price objective on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Barclays upped their price objective on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Morgan Stanley set a $48.00 price objective on Ovintiv and gave the company an "equal weight" rating in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $53.07.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $41.2610 on Tuesday. The stock's fifty day moving average is $40.04 and its two-hundred day moving average is $38.97. The company has a market capitalization of $10.61 billion, a PE ratio of 18.26, a price-to-earnings-growth ratio of 5.10 and a beta of 1.10. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results 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). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The firm had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. As a group, analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

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