Drive Wealth Management LLC Grows Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Drive Wealth Management LLC lifted its position in Ovintiv Inc. (NYSE:OVV) by 2.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 10,309 shares of the company’s stock after buying an additional 251 shares during the quarter. Drive Wealth Management LLC’s holdings in Ovintiv were worth $395,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. CIBC Asset Management Inc boosted its position 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 buying an additional 280 shares during the period. UMB Bank n.a. boosted its holdings in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the period. Covestor Ltd grew its stake in Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in Ovintiv by 5.2% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock worth $231,000 after purchasing an additional 298 shares during the period. Finally, Blue Trust Inc. raised its position in Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after purchasing an additional 347 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Ratings Changes

OVV has been the subject of a number of recent research reports. Citigroup decreased their price target on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Mizuho dropped their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Finally, Evercore ISI lowered their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $56.71.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $44.97 on Tuesday. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 5.96 and a beta of 2.62. The company has a 50-day simple moving average of $40.80 and a 200-day simple moving average of $44.36. 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 Dividend Announcement

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 2.67%. Ovintiv’s payout ratio is 15.92%.

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.