Wealthquest Corp Invests $749,000 in Ovintiv Inc. (NYSE:OVV)

Wealthquest Corp acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to its most recent filing with the SEC. The fund acquired 17,500 shares of the company's stock, valued at approximately $749,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ninepoint Partners LP raised its stake in shares of Ovintiv by 16.9% during the 4th quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock valued at $9,112,000 after purchasing an additional 32,500 shares during the period. Westpac Banking Corp raised its stake in shares of Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after purchasing an additional 12,340 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Ovintiv during the 4th quarter valued at $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Ovintiv by 19.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock valued at $8,768,000 after purchasing an additional 34,207 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Ovintiv by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company's stock worth $77,508,000 after buying an additional 45,147 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. BMO Capital Markets upgraded 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 report on Monday, March 24th. Barclays cut their price objective on Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Williams Trading set a $58.00 target price on Ovintiv in a report on Wednesday, March 5th. Finally, 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. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $54.69.

Ovintiv Trading Down 0.9%

OVV traded down $0.33 during midday trading on Friday, reaching $38.40. 4,525,850 shares of the company's stock traded hands, compared to its average volume of 3,349,715. The firm has a fifty day moving average of $37.17 and a two-hundred day moving average of $39.59. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 2.11 and a beta of 1.09. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43. 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 results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. On average, equities analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's dividend payout ratio is currently 51.06%.

About Ovintiv

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.