Kestra Private Wealth Services LLC Acquires 482 Shares of Ovintiv Inc. (NYSE:OVV)

Kestra Private Wealth Services LLC raised its stake in shares of Ovintiv Inc. (NYSE:OVV) by 9.2% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,737 shares of the company’s stock after acquiring an additional 482 shares during the period. Kestra Private Wealth Services LLC’s holdings in Ovintiv were worth $246,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Impact Partnership Wealth LLC bought a new position in Ovintiv during the first quarter valued at approximately $386,000. Allegiance Financial Group Advisory Services LLC purchased a new stake in Ovintiv during the 1st quarter valued at $267,000. Napatree Capital LLC raised its stake in Ovintiv by 22.1% during the 1st quarter. Napatree Capital LLC now owns 12,265 shares of the company’s stock valued at $525,000 after buying an additional 2,219 shares during the last quarter. Cullen Frost Bankers Inc. lifted its holdings in shares of Ovintiv by 65.4% during the 1st quarter. Cullen Frost Bankers Inc. now owns 1,700 shares of the company’s stock valued at $73,000 after buying an additional 672 shares during the period. Finally, Parcion Private Wealth LLC purchased a new position in shares of Ovintiv in the 1st quarter worth $270,000. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

OVV has been the subject of several research analyst reports. Scotiabank lifted their price objective on Ovintiv from $48.00 to $51.00 and gave the stock a “sector outperform” rating in a report on Friday, July 11th. Barclays boosted their price target on Ovintiv from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Monday, July 7th. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the stock a “buy” rating in a report on Wednesday, July 2nd. Finally, The Goldman Sachs Group raised shares of Ovintiv from a “neutral” rating to a “buy” rating and upped their target price for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $53.94.

Ovintiv Trading Up 3.5%

Shares of Ovintiv stock opened at $42.88 on Tuesday. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $48.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The company has a market capitalization of $11.14 billion, a P/E ratio of 18.97, a P/E/G ratio of 2.31 and a beta of 1.08. The company has a fifty day moving average of $39.17 and a 200 day moving average of $39.58.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $1.79 billion during the quarter, compared to analysts’ expectations of $1.92 billion. On average, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a yield of 2.80%. Ovintiv’s payout ratio is 53.10%.

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.