Bank of Montreal Can Acquires 49,642 Shares of Ovintiv Inc. (NYSE:OVV)

Bank of Montreal Can lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 31.3% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 208,126 shares of the company’s stock after acquiring an additional 49,642 shares during the quarter. Bank of Montreal Can owned approximately 0.08% of Ovintiv worth $9,782,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in OVV. American National Bank purchased a new stake in shares of Ovintiv in the 1st quarter worth about $27,000. Innealta Capital LLC purchased a new stake in Ovintiv in the second quarter worth about $39,000. Geneos Wealth Management Inc. boosted its position 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 acquiring an additional 300 shares in the last quarter. Creekmur Asset Management LLC purchased a new position in shares of Ovintiv during the 4th quarter worth approximately $68,000. Finally, International Assets Investment Management LLC bought a new position in shares of Ovintiv in the 2nd quarter worth approximately $69,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 3.7 %

Shares of OVV stock opened at $38.37 on Monday. The stock has a market capitalization of $10.11 billion, a P/E ratio of 5.36, a P/E/G ratio of 7.23 and a beta of 2.62. 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 firm’s 50 day moving average is $42.11 and its 200 day moving average is $47.18. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Research analysts expect that Ovintiv Inc. will post 5.26 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research reports. Bank of America reiterated a “neutral” rating and issued a $55.00 price objective on shares of Ovintiv in a report on Friday, June 14th. JPMorgan Chase & Co. lowered their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. TD Cowen upped their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Wolfe Research initiated coverage on shares of Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price for the company. Finally, Royal Bank of Canada reduced their price objective on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $59.83.

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.