Empowered Funds LLC Increases Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Empowered Funds LLC raised its position in Ovintiv Inc. (NYSE:OVV) by 30.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,052 shares of the company’s stock after acquiring an additional 44,716 shares during the quarter. Empowered Funds LLC owned approximately 0.07% of Ovintiv worth $7,396,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. CIBC Asset Management Inc grew its holdings in shares of Ovintiv by 3.7% in the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after purchasing an additional 280 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in Ovintiv by 5.2% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after buying an additional 298 shares during the period. KBC Group NV grew its stake in shares of Ovintiv by 8.9% in the third quarter. KBC Group NV now owns 333,207 shares of the company’s stock worth $12,765,000 after acquiring an additional 27,338 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Ovintiv by 42.6% in the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock worth $44,991,000 after acquiring an additional 350,909 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Ovintiv by 1.0% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,762 shares of the company’s stock worth $19,337,000 after acquiring an additional 5,055 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on OVV shares. Evercore ISI decreased their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. decreased their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Wells Fargo & Company reduced their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 1st. Finally, Morgan Stanley dropped their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Five 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $43.79 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95. The company has a 50-day simple moving average of $40.71 and a 200-day simple moving average of $44.45. The stock has a market capitalization of $11.40 billion, a price-to-earnings ratio of 5.81, a PEG ratio of 7.97 and a beta of 2.62.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. Ovintiv’s payout ratio is 15.92%.

Ovintiv Company 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.