Lifestyle Asset Management Inc. Invests $731,000 in Ovintiv Inc. (NYSE:OVV)

Lifestyle Asset Management Inc. acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 18,058 shares of the company’s stock, valued at approximately $731,000.

Several other institutional investors and hedge funds have also made changes to their positions in OVV. True Wealth Design LLC boosted its position in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after acquiring an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Ovintiv by 27.7% during 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 in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in shares of Ovintiv during the 3rd quarter worth about $65,000. Finally, Covestor Ltd boosted its position in shares of Ovintiv by 43.9% during the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after acquiring an additional 560 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OVV has been the subject of a number of research analyst reports. Truist Financial upped their target price on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Wells Fargo & Company decreased their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Barclays upped their target price on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Four analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.81.

Ovintiv Stock Performance

Shares of OVV stock opened at $45.76 on Friday. The company has a market cap of $11.91 billion, a price-to-earnings ratio of 6.07 and a beta of 2.63. The stock has a 50 day simple moving average of $42.62 and a 200-day simple moving average of $42.45. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

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

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.62%. The ex-dividend date was Friday, December 13th. Ovintiv’s payout ratio is currently 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.