Fifth Third Wealth Advisors LLC Invests $368,000 in Ovintiv Inc. (NYSE:OVV)

Fifth Third Wealth Advisors LLC acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 7,852 shares of the company’s stock, valued at approximately $368,000.

Other hedge funds also recently modified their holdings of the company. Westfield Capital Management Co. LP increased its position in Ovintiv by 3.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after acquiring an additional 44,241 shares during the period. TD Asset Management Inc increased its stake in Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after purchasing an additional 29,449 shares in the last quarter. Wedge Capital Management L L P NC raised its position in Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock valued at $25,090,000 after buying an additional 106,900 shares during the last quarter. International Assets Investment Management LLC lifted its holdings in Ovintiv by 1,202.0% during the fourth quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock worth $610,000 after acquiring an additional 12,813 shares during the period. Finally, FORA Capital LLC bought a new position in Ovintiv during the first quarter valued at $4,244,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

OVV traded up $0.12 during midday trading on Wednesday, reaching $42.72. 3,606,795 shares of the company’s stock were exchanged, compared to its average volume of 3,015,333. The business’s 50-day moving average price is $45.50 and its 200 day moving average price is $48.18. Ovintiv Inc. has a 1-year low of $38.99 and a 1-year high of $55.95. The stock has a market capitalization of $11.40 billion, a PE ratio of 5.97, a P/E/G ratio of 6.97 and a beta of 2.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, equities analysts anticipate that Ovintiv Inc. will post 5.7 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on OVV shares. UBS Group lowered their price objective on Ovintiv from $66.00 to $61.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Truist Financial raised their price objective on Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Evercore ISI restated an “outperform” rating and set a $60.00 price objective on shares of Ovintiv in a research note on Wednesday, July 10th. Mizuho lifted their price objective on Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Bank of America reissued a “neutral” rating and set a $55.00 price target on shares of Ovintiv in a report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.56.

Insider Transactions at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 1.70% of the stock is owned by insiders.

Ovintiv Company 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.