Ritholtz Wealth Management Buys 18,716 Shares of Ovintiv Inc. $OVV

Ritholtz Wealth Management lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 105.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 36,382 shares of the company’s stock after acquiring an additional 18,716 shares during the period. Ritholtz Wealth Management’s holdings in Ovintiv were worth $2,104,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in Ovintiv during the second quarter worth $1,422,959,000. Arrowstreet Capital Limited Partnership grew its holdings in Ovintiv by 16.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after purchasing an additional 1,137,162 shares during the period. Bank of New York Mellon Corp grew its holdings in Ovintiv by 8.8% in the first quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock worth $174,856,000 after purchasing an additional 239,054 shares during the period. Van ECK Associates Corp increased its stake in Ovintiv by 119.7% in the second quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock valued at $90,421,000 after purchasing an additional 935,860 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in Ovintiv by 74.2% in the first quarter. First Trust Advisors LP now owns 1,481,562 shares of the company’s stock valued at $87,946,000 after purchasing an additional 631,262 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Up 0.8%

Shares of NYSE:OVV traded up $0.52 during trading on Friday, reaching $65.41. 3,167,334 shares of the stock were exchanged, compared to its average volume of 3,423,048. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.84 and a quick ratio of 0.84. Ovintiv Inc. has a 1-year low of $36.81 and a 1-year high of $73.61. The stock has a fifty day moving average of $64.53 and a two-hundred day moving average of $58.56. The firm has a market cap of $17.58 billion, a price-to-earnings ratio of 13.19 and a beta of 0.57.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.20 annualized dividend and a yield of 1.8%. Ovintiv’s dividend payout ratio (DPR) is presently 24.19%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on OVV shares. Barclays upped their price objective on shares of Ovintiv from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. UBS Group reissued a “buy” rating and set a $85.00 price objective on shares of Ovintiv in a research report on Monday, September 14th. Scotia raised their target price on Ovintiv from $70.00 to $75.00 and gave the company a “sector outperform” rating in a research note on Friday, October 2nd. Canadian Imperial Bank of Commerce raised their target price on Ovintiv from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, October 9th. Finally, Truist Financial boosted their target price on Ovintiv from $77.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.86.

Ovintiv Profile

Ovintiv Inc. is an independent oil and natural gas producer focused on developing and producing crude oil, natural gas and natural gas liquids in North America. Its operations include exploration, drilling and production, supported by infrastructure and marketing activities related to its energy products. The company’s principal operating areas include the Permian Basin and Anadarko Basin in the United States, as well as the Montney formation in Canada. Its production serves energy markets through sales of oil, natural gas and natural gas liquids.