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

Drive Wealth Management LLC lifted its position in Ovintiv Inc. (NYSE:OVV) by 2.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,309 shares of the company’s stock after purchasing an additional 251 shares during the period. Drive Wealth Management LLC’s holdings in Ovintiv were worth $395,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new stake in Ovintiv in the second quarter valued at approximately $39,000. UMB Bank n.a. increased its holdings in 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 in the last quarter. International Assets Investment Management LLC acquired a new position in Ovintiv during the second quarter worth $69,000. Covestor Ltd grew its position in shares of Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after purchasing an additional 293 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of 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 in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

NYSE OVV opened at $44.97 on Tuesday. The stock has a market cap of $11.71 billion, a PE ratio of 5.96 and a beta of 2.62. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a fifty day simple moving average of $40.80 and a 200-day simple moving average of $44.36. 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 Dividend Announcement

The business also recently declared 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. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio is presently 15.92%.

Analyst Ratings Changes

A number of brokerages recently weighed in on OVV. Mizuho decreased their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Citigroup dropped their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Barclays raised their price objective on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Friday. Morgan Stanley dropped their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Finally, UBS Group boosted their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Monday. Five research 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. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $56.71.

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.