Ovintiv Inc. (NYSE:OVV) Shares Acquired by Drive Wealth Management LLC

Drive Wealth Management LLC lifted its position in shares of Ovintiv Inc. (NYSE:OVV) by 10.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,376 shares of the company’s stock after acquiring an additional 1,067 shares during the quarter. Drive Wealth Management LLC’s holdings in Ovintiv were worth $461,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bank of Montreal Can lifted its holdings in shares of Ovintiv by 31.3% in the second quarter. Bank of Montreal Can now owns 208,126 shares of the company’s stock valued at $9,782,000 after purchasing an additional 49,642 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Ovintiv by 66.4% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 51,496 shares of the company’s stock worth $2,414,000 after purchasing an additional 20,543 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Ovintiv by 14.2% in the second quarter. Toronto Dominion Bank now owns 116,700 shares of the company’s stock worth $5,470,000 after acquiring an additional 14,533 shares in the last quarter. AXA S.A. acquired a new stake in shares of Ovintiv in the second quarter worth $651,000. Finally, MBB Public Markets I LLC increased its position in shares of Ovintiv by 341.7% in the second quarter. MBB Public Markets I LLC now owns 17,212 shares of the company’s stock worth $807,000 after acquiring an additional 13,315 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Performance

OVV stock opened at $44.90 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $11.69 billion, a P/E ratio of 5.96 and a beta of 2.63. The firm has a 50 day simple moving average of $42.67 and a 200 day simple moving average of $42.43. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.85 EPS for the quarter, topping the consensus estimate of $1.09 by $0.76. The business had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. During the same period last year, the company posted $1.74 earnings per share. Research analysts anticipate that Ovintiv Inc. will post 5.58 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Barclays raised their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Citigroup reduced their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and cut their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $56.81.

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.