Ballentine Partners LLC Acquires 402 Shares of Ovintiv Inc. (NYSE:OVV)

Ballentine Partners LLC grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 9.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,503 shares of the company’s stock after buying an additional 402 shares during the quarter. Ballentine Partners LLC’s holdings in Ovintiv were worth $211,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. International Assets Investment Management LLC boosted its stake in shares of Ovintiv by 1,202.0% during the fourth quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock valued at $610,000 after purchasing an additional 12,813 shares during the period. Jump Financial LLC bought a new stake in Ovintiv during the 4th quarter valued at $478,000. Dimensional Fund Advisors LP boosted its position in Ovintiv by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock valued at $115,937,000 after buying an additional 168,320 shares during the period. Westpac Banking Corp grew its holdings in Ovintiv by 219.5% in the 4th quarter. Westpac Banking Corp now owns 2,933 shares of the company’s stock worth $129,000 after acquiring an additional 2,015 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Ovintiv by 18.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 117,865 shares of the company’s stock valued at $5,252,000 after acquiring an additional 18,021 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. TD Cowen raised their target price on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Truist Financial boosted their target price on Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Bank of America reaffirmed a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Friday, June 14th. Royal Bank of Canada reduced their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Finally, UBS Group dropped their target price on shares of Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and an average target price of $60.17.

Ovintiv Price Performance

OVV stock opened at $38.77 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The firm has a 50 day moving average price of $43.90 and a 200-day moving average price of $47.94. Ovintiv Inc. has a 52-week low of $37.81 and a 52-week high of $55.95. The firm has a market capitalization of $10.35 billion, a price-to-earnings ratio of 5.41, a PEG ratio of 6.48 and a beta of 2.62.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Equities research analysts forecast that Ovintiv Inc. will post 5.81 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.10%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

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.