Tectonic Advisors LLC Buys 1,069 Shares of Ovintiv Inc. (NYSE:OVV)

Tectonic Advisors LLC increased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 12.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,618 shares of the company’s stock after buying an additional 1,069 shares during the quarter. Tectonic Advisors LLC’s holdings in Ovintiv were worth $368,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in OVV. Quarry LP grew its holdings in shares of Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after purchasing an additional 19,272 shares in the last quarter. Wedge Capital Management L L P NC increased its holdings in Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock valued at $25,090,000 after buying an additional 106,900 shares during the period. FORA Capital LLC acquired a new position in shares of Ovintiv in the 1st quarter valued at approximately $4,244,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Ovintiv during the 1st quarter worth approximately $1,149,000. Finally, Canandaigua National Bank & Trust Co. acquired a new stake in shares of Ovintiv during the 2nd quarter worth approximately $1,441,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $40.39 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The firm has a market cap of $10.78 billion, a PE ratio of 5.64, a price-to-earnings-growth ratio of 7.76 and a beta of 2.61. The firm’s fifty day moving average is $41.12 and its 200-day moving average is $45.68.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Sell-side analysts predict that Ovintiv Inc. will post 4.87 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s payout ratio is presently 16.76%.

Analyst Upgrades and Downgrades

Several research analysts have commented on OVV shares. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Morgan Stanley lowered their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Mizuho dropped their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Scotiabank lifted their target price on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Friday, July 12th. Finally, Evercore ISI lowered their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

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.