Corigliano Investment Advisers LLC Purchases New Position in Ovintiv Inc. (NYSE:OVV)

Corigliano Investment Advisers LLC purchased a new stake in Ovintiv Inc. (NYSE:OVV) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 153,407 shares of the company’s stock, valued at approximately $6,213,000. Ovintiv accounts for 3.0% of Corigliano Investment Advisers LLC’s portfolio, making the stock its 17th largest holding. Corigliano Investment Advisers LLC owned about 0.06% of Ovintiv as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of OVV. Tidal Investments LLC acquired a new stake in shares of Ovintiv during the 3rd quarter worth about $409,000. Franklin Resources Inc. increased its holdings in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after buying an additional 37,341 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Ovintiv by 25.3% in the fourth quarter. Nordea Investment Management AB now owns 19,716 shares of the company’s stock valued at $796,000 after acquiring an additional 3,986 shares during the last quarter. Claro Advisors LLC acquired a new position in shares of Ovintiv in the 4th quarter worth approximately $229,000. Finally, Pallas Capital Advisors LLC grew its position in Ovintiv by 128.4% during the 4th quarter. Pallas Capital Advisors LLC now owns 13,586 shares of the company’s stock worth $550,000 after acquiring an additional 7,637 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Stock Up 1.0 %

Shares of NYSE OVV opened at $34.77 on Wednesday. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $52.90. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $9.05 billion, a P/E ratio of 4.61 and a beta of 1.14. The firm has a 50 day moving average price of $37.36 and a 200 day moving average price of $40.72.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.45%. Ovintiv’s dividend payout ratio is presently 28.57%.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of recent analyst reports. Scotiabank raised Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Williams Trading set a $58.00 price target on shares of Ovintiv in a research report on Wednesday, March 5th. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $55.76.

About Ovintiv

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.