Wealth Enhancement Advisory Services LLC Decreases Stock Holdings in Ovintiv Inc. $OVV

Key Points

• Wealth Enhancement Advisory Services LLC has decreased its holdings in Ovintiv Inc. by 69.5%, now owning 19,943 shares worth approximately $796,000.
• Despite a drop in their stake, other hedge funds have been increasing their investments in Ovintiv, with Harbour Investments Inc. boosting its stake by 143.8% in the first quarter.
• Ovintiv reported $1.02 earnings per share for its last quarter, missing the consensus estimate of $1.04, and its quarterly dividend was set at $0.30 per share.

Wealth Enhancement Advisory Services LLC decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 69.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,943 shares of the company's stock after selling 45,496 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Ovintiv were worth $796,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Harbour Investments Inc. raised its stake in Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares in the last quarter. Gen Wealth Partners Inc boosted its holdings in shares of Ovintiv by 91.8% in the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after purchasing an additional 484 shares during the period. SVB Wealth LLC purchased a new position in shares of Ovintiv in the 1st quarter worth approximately $48,000. Smartleaf Asset Management LLC boosted its holdings in shares of Ovintiv by 43.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after purchasing an additional 349 shares during the period. Finally, Brooklyn Investment Group boosted its holdings in shares of Ovintiv by 91.3% in the 1st quarter. Brooklyn Investment Group now owns 1,228 shares of the company's stock worth $53,000 after purchasing an additional 586 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of OVV stock opened at $39.57 on Friday. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18. The stock has a market capitalization of $10.17 billion, a price-to-earnings ratio of 17.51, a P/E/G ratio of 5.24 and a beta of 0.97. The stock has a fifty day simple moving average of $41.01 and a two-hundred day simple moving average of $38.98. 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 (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. On average, analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

Analyst Ratings Changes

A number of equities analysts have recently commented on OVV shares. Scotiabank lifted their target price on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Wells Fargo & Company dropped their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $55.00 target price on shares of Ovintiv in a report on Friday, September 26th. UBS Group lifted their target price on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Finally, Barclays lifted their target price on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Ovintiv has a consensus rating of "Moderate Buy" and a consensus target price of $52.60.

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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