Federated Hermes Inc. Purchases 5,323 Shares of Ovintiv Inc. (NYSE:OVV)

Federated Hermes Inc. grew its position in Ovintiv Inc. (NYSE:OVV) by 3.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 145,223 shares of the company’s stock after buying an additional 5,323 shares during the period. Federated Hermes Inc. owned 0.05% of Ovintiv worth $6,807,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. American National Bank acquired a new stake in Ovintiv in the 1st quarter worth approximately $27,000. Innealta Capital LLC acquired a new stake in Ovintiv in the 2nd quarter worth approximately $39,000. Geneos Wealth Management Inc. boosted its stake in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. Creekmur Asset Management LLC acquired a new stake in Ovintiv in the 4th quarter worth approximately $68,000. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv in the 2nd quarter worth approximately $69,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Trading Up 2.0 %

Shares of Ovintiv stock opened at $39.93 on Wednesday. Ovintiv Inc. has a fifty-two week low of $37.81 and a fifty-two week high of $55.95. 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 simple moving average of $43.46 and a two-hundred day simple moving average of $47.76. The company has a market cap of $10.53 billion, a P/E ratio of 5.58, a price-to-earnings-growth ratio of 6.24 and a beta of 2.62.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. As a group, equities analysts predict that Ovintiv Inc. will post 5.81 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.01%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. UBS Group lowered their target price on shares of Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Wolfe Research began coverage on shares of Ovintiv in a research note on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective for the company. Morgan Stanley decreased their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research note on Monday. Royal Bank of Canada decreased their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.06.

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.