Empowered Funds LLC Boosts Stake in Ovintiv Inc. (NYSE:OVV)

Empowered Funds LLC raised its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 102.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 390,433 shares of the company’s stock after buying an additional 197,381 shares during the quarter. Empowered Funds LLC owned about 0.15% of Ovintiv worth $15,813,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Raymond James & Associates boosted its holdings in shares of Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after purchasing an additional 2,275 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Ovintiv by 16.0% in the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after purchasing an additional 37,341 shares in the last quarter. Smead Capital Management Inc. boosted its holdings in shares of Ovintiv by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after purchasing an additional 212,535 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after acquiring an additional 13,536 shares during the period. Finally, Entropy Technologies LP boosted its holdings in Ovintiv by 319.9% during the 3rd quarter. Entropy Technologies LP now owns 149,457 shares of the company’s stock valued at $5,726,000 after acquiring an additional 113,866 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $42.53 on Friday. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95. The stock’s fifty day moving average is $42.17 and its 200 day moving average is $42.14. The stock has a market cap of $11.07 billion, a P/E ratio of 5.64 and a beta of 2.60. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV) last announced its earnings results on Thursday, November 7th. The company reported $1.85 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.76. The company had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. During the same period last year, the firm earned $1.74 EPS. Sell-side analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Wells Fargo & Company dropped their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Scotiabank increased their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. National Bankshares increased their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Finally, Mizuho lowered their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $56.88.

Ovintiv 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.