Intech Investment Management LLC Boosts Holdings in Ovintiv Inc. $OVV

Intech Investment Management LLC raised its holdings in Ovintiv Inc. (NYSE:OVV) by 31.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 51,109 shares of the company’s stock after purchasing an additional 12,274 shares during the quarter. Intech Investment Management LLC’s holdings in Ovintiv were worth $2,187,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Harbour Investments Inc. boosted its holdings in Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock worth $39,000 after buying an additional 542 shares in the last quarter. Gen Wealth Partners Inc boosted its holdings in Ovintiv by 91.8% during the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company’s stock worth $43,000 after buying an additional 484 shares in the last quarter. SVB Wealth LLC purchased a new stake in Ovintiv during the first quarter worth $48,000. Quent Capital LLC boosted its holdings in Ovintiv by 146.5% during the first quarter. Quent Capital LLC now owns 1,134 shares of the company’s stock worth $49,000 after buying an additional 674 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Ovintiv by 43.4% during the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company’s stock worth $49,000 after buying an additional 349 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of OVV opened at $40.70 on Tuesday. The firm has a 50-day simple moving average of $40.67 and a two-hundred day simple moving average of $38.76. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The stock has a market cap of $10.46 billion, a PE ratio of 18.01, a P/E/G ratio of 5.38 and a beta of 1.08.

Ovintiv (NYSE:OVV) last posted 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. As a group, analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv’s dividend payout ratio (DPR) is presently 53.10%.

Analyst Ratings Changes

A number of brokerages recently issued reports on OVV. The Goldman Sachs Group raised shares of Ovintiv from a “neutral” rating to a “buy” rating and increased their price target for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a report on Monday, July 7th. Barclays upped their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Finally, Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the stock an “equal weight” rating in a research report on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $52.53.

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.