Ovintiv Inc. $OVV Stock Position Lifted by Ritholtz Wealth Management

Ritholtz Wealth Management lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 105.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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.

Several other hedge funds and other institutional investors also recently made changes to their positions in OVV. Man Group plc bought a new position in Ovintiv in the 2nd quarter valued at about $936,000. Bank of America Corp DE acquired a new position in Ovintiv during the 2nd quarter valued at about $79,475,000. Corient Private Wealth LP bought a new stake in Ovintiv during the 2nd quarter worth approximately $9,481,000. Core Capital Management & Research inc. bought a new stake in Ovintiv during the 2nd quarter worth approximately $4,716,000. Finally, PensionDanmark Pensionsforsikringsaktieselskab bought a new stake in Ovintiv during the 2nd quarter worth approximately $4,738,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Up 0.8%

Shares of OVV traded up $0.52 during trading hours on Friday, reaching $65.41. 3,167,334 shares of the stock traded hands, compared to its average volume of 3,423,048. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $64.53 and a 200 day simple moving average of $58.56. Ovintiv Inc. has a 52 week low of $36.81 and a 52 week high of $73.61. The company 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 company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, December 15th. Ovintiv’s dividend payout ratio is presently 24.19%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on OVV. Stifel Nicolaus started coverage on Ovintiv in a research note on Wednesday, September 9th. They issued a “buy” rating and a $92.00 price objective for the company. Scotiabank lifted their target price on Ovintiv from $75.00 to $80.00 and gave the company a “sector outperform” rating in a research report on Monday, October 19th. Citigroup lifted their target price on Ovintiv from $68.00 to $74.00 and gave the company a “buy” rating in a research report on Friday. National Bank Financial upped their price target on Ovintiv from $94.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, October 28th. Finally, Morgan Stanley increased their price target on Ovintiv from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.