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

Wealthquest Corp acquired a new position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 17,500 shares of the company's stock, valued at approximately $749,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Asset Management One Co. Ltd. lifted its stake in shares of Ovintiv by 3.3% during the first quarter. Asset Management One Co. Ltd. now owns 97,127 shares of the company's stock worth $4,157,000 after buying an additional 3,058 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of Ovintiv by 7.8% during the first quarter. Oppenheimer Asset Management Inc. now owns 20,673 shares of the company's stock worth $885,000 after buying an additional 1,492 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in Ovintiv by 16.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 6,339 shares of the company's stock valued at $271,000 after purchasing an additional 909 shares during the period. Paradiem LLC acquired a new position in Ovintiv during the first quarter valued at $12,338,000. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Ovintiv by 71.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,113 shares of the company's stock valued at $390,000 after purchasing an additional 3,813 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

OVV has been the subject of a number of research reports. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Williams Trading set a $58.00 target price on shares of Ovintiv in a research report on Wednesday, March 5th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their target price for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Finally, Scotiabank upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv has an average rating of "Buy" and an average target price of $54.69.

Ovintiv Stock Performance

OVV traded up $0.73 on Thursday, reaching $38.73. The stock had a trading volume of 2,331,201 shares, compared to its average volume of 3,342,341. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $49.57. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. The business's 50-day moving average price is $36.98 and its two-hundred day moving average price is $39.62. The company has a market cap of $10.06 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 2.10 and a beta of 1.09.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. Sell-side analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.10%. 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.