Smead Capital Management Inc. Has $258.92 Million Stake in Ovintiv Inc. $OVV

Key Points

• Smead Capital Management Inc. has reduced its stake in Ovintiv Inc. by 1.5%, now owning approximately 6,049,598 shares, with a total worth of $258.92 million.
• The company recently reported $1.02 EPS for the last quarter, missing estimates, with a revenue of $1.79 billion against an expected $1.92 billion.
• Ovintiv's quarterly dividend of $0.30 per share will be issued to stockholders of record on September 15th, representing an annualized dividend yield of 2.9%.

Smead Capital Management Inc. reduced its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,049,598 shares of the company's stock after selling 93,223 shares during the quarter. Ovintiv comprises 4.4% of Smead Capital Management Inc.'s holdings, making the stock its 10th largest holding. Smead Capital Management Inc. owned 2.33% of Ovintiv worth $258,923,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Colonial Trust Co SC bought a new stake in Ovintiv in the fourth quarter worth approximately $28,000. Harbour Investments Inc. grew its stake in Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after acquiring an additional 542 shares during the period. Gen Wealth Partners Inc grew its stake in Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after acquiring an additional 484 shares during the period. SVB Wealth LLC acquired a new stake in Ovintiv in the first quarter valued at approximately $48,000. Finally, Quent Capital LLC grew its stake in Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after acquiring an additional 674 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on OVV shares. Morgan Stanley set a $48.00 price objective on Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. Barclays raised their price objective on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and raised their price objective for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Mizuho decreased their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, Citigroup set a $54.00 price target on Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $53.07.

Ovintiv Stock Up 0.5%

Ovintiv stock traded up $0.20 during trading on Monday, hitting $42.17. 2,540,319 shares of the company were exchanged, compared to its average volume of 2,819,671. The business's 50 day moving average is $40.06 and its 200 day moving average is $38.91. The company has a current ratio of 0.43, a quick 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. The company has a market capitalization of $10.84 billion, a P/E ratio of 18.66, a PEG ratio of 5.35 and a beta of 1.08.

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

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is 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.