Ovintiv Inc. (NYSE:OVV) Stock Holdings Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. raised its position in Ovintiv Inc. (NYSE:OVV) by 0.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 646,439 shares of the company’s stock after purchasing an additional 1,976 shares during the quarter. Principal Financial Group Inc.’s holdings in Ovintiv were worth $27,668,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Colonial Trust Co SC purchased a new position in Ovintiv in the fourth quarter valued at about $28,000. Smartleaf Asset Management LLC grew its stake in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares in the last quarter. Mizuho Bank Ltd. bought a new stake in shares of Ovintiv during the 4th quarter worth about $40,000. Optiver Holding B.V. bought a new stake in shares of Ovintiv during the 4th quarter worth about $40,000. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of Ovintiv by 451.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company’s stock worth $46,000 after acquiring an additional 940 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of OVV stock opened at $41.09 on Wednesday. The stock has a 50 day moving average of $37.96 and a two-hundred day moving average of $39.59. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $49.57. The company has a market capitalization of $10.68 billion, a P/E ratio of 17.49, a P/E/G ratio of 2.21 and a beta of 1.08.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. As a group, equities analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.92%. Ovintiv’s dividend payout ratio is currently 51.06%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Barclays upped their price target on Ovintiv from $53.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday. Mizuho decreased their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and upped their price target for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Morgan Stanley reiterated an “overweight” rating and set a $50.00 price target on shares of Ovintiv in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat, Ovintiv currently has a consensus rating of “Buy” and a consensus price target of $54.59.

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.