Lifestyle Asset Management Inc. Acquires New Shares in Ovintiv Inc. (NYSE:OVV)

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

Several other hedge funds have also recently bought and sold shares of OVV. Raymond James & Associates grew its holdings in Ovintiv by 1.2% during the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after buying an additional 2,275 shares during the last quarter. Quarry LP grew its holdings in Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after buying an additional 19,272 shares during the last quarter. Franklin Resources Inc. grew its holdings in Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after buying an additional 37,341 shares during the last quarter. Smead Capital Management Inc. grew its holdings in Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after buying an additional 212,535 shares during the last quarter. Finally, Retirement Systems of Alabama grew its holdings in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after buying an additional 13,536 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Trading Up 1.1 %

Shares of OVV opened at $45.76 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $11.91 billion, a P/E ratio of 6.07 and a beta of 2.63. The stock’s fifty day simple moving average is $42.62 and its 200 day simple moving average is $42.45. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95.

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

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given 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 dividend payout ratio (DPR) is presently 15.92%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Scotiabank increased their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Wells Fargo & Company lowered their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. UBS Group decreased their price objective on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Finally, Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and an average target price of $56.81.

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.