TD Asset Management Inc Has $1.95 Million Holdings in Ovintiv Inc. (NYSE:OVV)

TD Asset Management Inc lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 1.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,572 shares of the company’s stock after purchasing an additional 708 shares during the period. TD Asset Management Inc’s holdings in Ovintiv were worth $1,948,000 at the end of the most recent reporting period.

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

Ovintiv Price Performance

NYSE:OVV opened at $38.81 on Friday. Ovintiv Inc. has a 52-week low of $37.81 and a 52-week high of $55.95. The company has a market cap of $10.36 billion, a P/E ratio of 5.42, a P/E/G ratio of 6.23 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock’s 50-day simple moving average is $43.74 and its 200 day simple moving average is $47.89.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion for 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%. As a group, sell-side analysts forecast that Ovintiv Inc. will post 5.81 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.09%. Ovintiv’s dividend payout ratio is presently 16.76%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Bank of America reiterated a “neutral” rating and set a $55.00 target price on shares of Ovintiv in a research report on Friday, June 14th. Royal Bank of Canada reduced their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Evercore ISI reaffirmed an “outperform” rating and issued a $60.00 target price on shares of Ovintiv in a research note on Wednesday, July 10th. Wolfe Research started coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Finally, Wells Fargo & Company lowered their price objective on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. 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 data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.17.

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.