Ritholtz Wealth Management Buys New Stake in Ovintiv Inc. $OVV

Key Points

• Ritholtz Wealth Management has purchased a new stake in Ovintiv Inc., acquiring 22,347 shares valued at approximately $850,000 in the 2nd quarter.
• Ovintiv's recent quarterly earnings report showed an EPS of $1.02, which missed analyst expectations by $0.02, while the company reported revenue of $1.79 billion against an estimate of $1.92 billion.
• The company declared a quarterly dividend of $0.30 per share, leading to an annualized dividend of $1.20 and a yield of 3.3%.

Ritholtz Wealth Management bought a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 22,347 shares of the company's stock, valued at approximately $850,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after buying an additional 7,344,796 shares during the period. AQR Capital Management LLC boosted its position in Ovintiv by 69.7% in the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after buying an additional 2,288,989 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in Ovintiv in the 1st quarter valued at approximately $56,865,000. Nuveen LLC purchased a new position in Ovintiv in the 1st quarter valued at approximately $46,603,000. Finally, Amundi boosted its position in Ovintiv by 86.3% in the 1st quarter. Amundi now owns 2,231,116 shares of the company's stock valued at $87,125,000 after buying an additional 1,033,309 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Price Performance

Ovintiv stock opened at $35.94 on Friday. The company has a fifty day simple moving average of $40.46 and a 200-day simple moving average of $38.60. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $47.18. 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 $9.24 billion, a P/E ratio of 15.90, a price-to-earnings-growth ratio of 5.29 and a beta of 0.97.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS 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 company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Equities analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were paid 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%.

Wall Street Analyst Weigh In

OVV has been the subject of several recent research reports. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Barclays decreased their price target on shares of Ovintiv from $57.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Evercore ISI lifted their price objective on shares of Ovintiv from $42.00 to $43.00 and gave the stock an "outperform" rating in a research report on Monday, October 6th. Mizuho decreased their price objective on shares of Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Finally, Roth Capital began coverage on shares of Ovintiv in a research report on Monday, October 13th. They set a "neutral" rating and a $42.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.12.

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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