City Center Advisors LLC Makes New $230,000 Investment in Ovintiv Inc. (NYSE:OVV)

City Center Advisors LLC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) during the first quarter, HoldingsChannel.com reports. The fund purchased 5,367 shares of the company’s stock, valued at approximately $230,000.

A number of other large investors also recently bought and sold shares of the stock. Meiji Yasuda Asset Management Co Ltd. raised its stake in Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock worth $412,000 after purchasing an additional 276 shares during the period. Daiwa Securities Group Inc. raised its stake in Ovintiv by 1.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after purchasing an additional 300 shares during the period. Bessemer Group Inc. raised its stake in Ovintiv by 0.4% during the fourth quarter. Bessemer Group Inc. now owns 70,053 shares of the company’s stock worth $2,837,000 after purchasing an additional 310 shares during the period. Smartleaf Asset Management LLC raised its stake in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after purchasing an additional 335 shares during the period. Finally, UMB Bank n.a. raised its stake in Ovintiv by 16.9% during the first quarter. UMB Bank n.a. now owns 2,890 shares of the company’s stock worth $124,000 after purchasing an additional 417 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

OVV has been the topic of a number of recent analyst reports. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Wells Fargo & Company boosted their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 22nd. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Barclays decreased their price objective on shares of Ovintiv from $59.00 to $53.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Ovintiv has an average rating of “Buy” and an average target price of $55.65.

Ovintiv Price Performance

OVV opened at $38.19 on Monday. The company has a fifty day simple moving average of $35.41 and a 200 day simple moving average of $39.94. The firm has a market cap of $9.92 billion, a price-to-earnings ratio of 5.06 and a beta of 1.09. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $49.57. 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 released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Equities research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date is Friday, June 13th. Ovintiv’s payout ratio is 51.06%.

About Ovintiv

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.