Ovintiv Inc. (NYSE:OVV) Shares Bought by Empowered Funds LLC

Empowered Funds LLC lifted its position in shares of Ovintiv Inc. (NYSE:OVV) by 30.1% during the third quarter, HoldingsChannel reports. The fund owned 193,052 shares of the company’s stock after acquiring an additional 44,716 shares during the quarter. Empowered Funds LLC’s holdings in Ovintiv were worth $7,396,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in OVV. CIBC Asset Management Inc boosted its holdings in Ovintiv by 3.7% in the 3rd 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 lifted its holdings in shares of 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 boosted 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 valued at $12,765,000 after buying an additional 27,338 shares in the last quarter. Victory Capital Management Inc. boosted 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 valued at $44,991,000 after buying an additional 350,909 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in 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 owned by hedge funds and other institutional investors.

Ovintiv Price Performance

NYSE:OVV opened at $43.79 on Friday. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The firm has a market cap of $11.40 billion, a price-to-earnings ratio of 5.81, a price-to-earnings-growth ratio of 7.97 and a beta of 2.62. The company’s 50-day moving average is $40.71 and its two-hundred day moving average is $44.45. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors 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 dividend payout ratio (DPR) is currently 15.92%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OVV. JPMorgan Chase & Co. decreased their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Citigroup lowered their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Barclays lifted their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday. Evercore ISI decreased their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Finally, Wells Fargo & Company dropped their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Five equities 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 company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

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.