Covestor Ltd Grows Position in Ovintiv Inc. (NYSE:OVV)

Covestor Ltd grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 43.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,835 shares of the company’s stock after purchasing an additional 560 shares during the period. Covestor Ltd’s holdings in Ovintiv were worth $70,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Innealta Capital LLC purchased a new stake in Ovintiv during the second quarter worth about $39,000. UMB Bank n.a. grew its holdings in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares during the period. International Assets Investment Management LLC purchased a new position in Ovintiv in the 2nd quarter valued at approximately $69,000. Blue Trust Inc. raised its holdings in Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after purchasing an additional 347 shares during the last quarter. Finally, Opal Wealth Advisors LLC purchased a new stake in Ovintiv during the second quarter worth $96,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on OVV. UBS Group dropped their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Wells Fargo & Company cut their target price 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. Citigroup lowered their price target on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Evercore ISI cut their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Finally, JPMorgan Chase & Co. lowered their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Trading Up 0.6 %

NYSE OVV opened at $42.22 on Thursday. The company has a market cap of $10.99 billion, a P/E ratio of 5.60, a P/E/G ratio of 7.60 and a beta of 2.62. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company has a 50-day moving average of $40.53 and a 200-day moving average of $44.58.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.84%. The ex-dividend date is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

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.