Meeder Advisory Services Inc. Purchases 2,373 Shares of Ovintiv Inc. (NYSE:OVV)

Meeder Advisory Services Inc. boosted its position in Ovintiv Inc. (NYSE:OVV) by 54.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,764 shares of the company’s stock after purchasing an additional 2,373 shares during the period. Meeder Advisory Services Inc.’s holdings in Ovintiv were worth $317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after acquiring an additional 1,024,931 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Ovintiv by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock valued at $115,937,000 after purchasing an additional 168,320 shares during the period. Balyasny Asset Management L.P. boosted its stake in shares of Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after purchasing an additional 1,363,865 shares during the period. Westfield Capital Management Co. LP grew its holdings in shares of Ovintiv by 3.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after purchasing an additional 44,241 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Ovintiv by 1.7% in the 1st quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock worth $52,201,000 after buying an additional 17,206 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday. Wolfe Research started coverage on Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price for the company. Truist Financial increased their price target on Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. UBS Group decreased their price objective on Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Evercore ISI reiterated an “outperform” rating and set a $60.00 target price on shares of Ovintiv in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $60.17.

Ovintiv Stock Performance

Shares of OVV stock opened at $38.81 on Monday. Ovintiv Inc. has a 12-month low of $37.81 and a 12-month high of $55.95. The business’s fifty day simple moving average is $43.74 and its 200-day simple moving average is $47.91. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.36 billion, a PE ratio of 5.42, a PEG ratio of 6.23 and a beta of 2.62.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Analysts expect that Ovintiv Inc. will post 5.81 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced 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 3.09%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

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.