Captrust Financial Advisors Increases Stock Position in Ovintiv Inc. (NYSE:OVV)

Captrust Financial Advisors increased its position in shares of Ovintiv Inc. (NYSE:OVV) by 129.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 18,209 shares of the company’s stock after buying an additional 10,261 shares during the quarter. Captrust Financial Advisors’ holdings in Ovintiv were worth $737,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in OVV. MassMutual Private Wealth & Trust FSB boosted its holdings in Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after acquiring an additional 335 shares during the period. Mizuho Bank Ltd. acquired a new position in Ovintiv during the fourth quarter worth $40,000. Optiver Holding B.V. acquired a new position in Ovintiv during the fourth quarter worth $40,000. Finally, Cullen Frost Bankers Inc. raised its position in Ovintiv by 3,571.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock worth $42,000 after acquiring an additional 1,000 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of OVV opened at $37.33 on Friday. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $51.72. The stock has a market cap of $9.70 billion, a PE ratio of 4.95 and a beta of 1.14. The firm has a 50-day simple moving average of $37.02 and a two-hundred day simple moving average of $40.57. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

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

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv’s dividend payout ratio is presently 51.06%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OVV. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research report on Wednesday, March 5th. Barclays reduced their price objective on shares of Ovintiv from $59.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Morgan Stanley restated an “overweight” rating and set a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. National Bankshares increased their target price on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Finally, Wells Fargo & Company increased their target price on shares of Ovintiv from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $55.65.

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.