Ovintiv Inc. (NYSE:OVV) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC raised its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 198.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,622 shares of the company's stock after purchasing 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 reporting period.

Several other hedge funds also recently added to or reduced their stakes in the business. Colonial Trust Co SC acquired a new stake in Ovintiv during the fourth quarter valued at $28,000. Smartleaf Asset Management LLC grew its position in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after acquiring an additional 335 shares during the period. Mizuho Bank Ltd. purchased a new position in shares of Ovintiv in the 4th quarter valued at about $40,000. Optiver Holding B.V. purchased a new position in shares of Ovintiv in the 4th quarter valued at about $40,000. Finally, Cullen Frost Bankers Inc. raised its holdings in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after purchasing an additional 1,000 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of OVV traded up $0.53 during midday trading on Tuesday, reaching $39.34. 4,624,816 shares of the stock were exchanged, compared to its average volume of 3,361,570. The company has a market capitalization of $10.22 billion, a price-to-earnings ratio of 5.22 and a beta of 1.09. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $49.57. The business's 50-day moving average price is $35.31 and its 200 day moving average price is $39.88. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. On average, sell-side analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.05%. Ovintiv's dividend payout ratio (DPR) is currently 51.06%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Mizuho cut their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company raised their price target on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $55.65.

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.