Oppenheimer Asset Management Inc. Raises Position in Ovintiv Inc. (NYSE:OVV)

Oppenheimer Asset Management Inc. lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 17.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 20,090 shares of the company’s stock after buying an additional 3,027 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Ovintiv were worth $942,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. American National Bank acquired a new stake in Ovintiv in the first quarter valued at approximately $27,000. Innealta Capital LLC purchased a new position in shares of Ovintiv in the second quarter valued at $39,000. Geneos Wealth Management Inc. grew its holdings in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares in the last quarter. Atlas Capital Advisors LLC purchased a new stake in Ovintiv during the 1st quarter worth $74,000. Finally, International Assets Investment Management LLC purchased a new stake in Ovintiv during the 2nd quarter worth $69,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wells Fargo & Company lowered their target price on Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Wolfe Research began coverage on Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective on the stock. TD Cowen boosted their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Truist Financial increased their price target on shares of Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Finally, Morgan Stanley lowered their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.83.

Ovintiv Price Performance

Shares of NYSE OVV opened at $40.38 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $10.78 billion, a PE ratio of 5.64, a P/E/G ratio of 6.24 and a beta of 2.62. Ovintiv Inc. has a 1-year low of $37.81 and a 1-year high of $55.95. The business’s fifty day moving average price is $43.16 and its two-hundred day moving average price is $47.65.

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

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.97%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

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.