Wealth Enhancement Advisory Services LLC Acquires 26,366 Shares of Ovintiv Inc. (NYSE:OVV)

Wealth Enhancement Advisory Services LLC raised its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 198.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,622 shares of the company's stock after buying an additional 26,366 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Ovintiv were worth $1,605,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in OVV. Vanguard Group Inc. boosted its position in shares of Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock worth $1,193,272,000 after purchasing an additional 451,947 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Ovintiv by 14.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after buying an additional 683,700 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock valued at $137,134,000 after buying an additional 3,203,087 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after acquiring an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Ovintiv by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock worth $118,530,000 after acquiring an additional 8,168 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

OVV has been the subject of a number of recent analyst reports. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Scotiabank raised Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Wells Fargo & Company boosted their price target on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. Finally, Williams Trading set a $58.00 price objective on Ovintiv in a report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $55.65.

Ovintiv Price Performance

Ovintiv stock opened at $38.19 on Friday. The company has a fifty day simple moving average of $35.41 and a 200-day simple moving average of $40.02. The firm has a market capitalization of $9.92 billion, a price-to-earnings ratio of 5.06 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $49.57.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The company had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. On average, equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued 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 3.14%. Ovintiv's dividend payout ratio is currently 51.06%.

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.

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