Tectonic Advisors LLC Buys 1,069 Shares of Ovintiv Inc. (NYSE:OVV)

Tectonic Advisors LLC lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 12.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,618 shares of the company’s stock after acquiring an additional 1,069 shares during the period. Tectonic Advisors LLC’s holdings in Ovintiv were worth $368,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Spirit of America Management Corp NY lifted its position in Ovintiv by 17.6% in the 3rd quarter. Spirit of America Management Corp NY now owns 10,000 shares of the company’s stock valued at $383,000 after acquiring an additional 1,500 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock worth $52,064,000 after buying an additional 1,340,947 shares during the period. Impact Partnership Wealth LLC acquired a new position in shares of Ovintiv during the third quarter worth about $432,000. International Assets Investment Management LLC grew its holdings in shares of Ovintiv by 5,704.0% during the third quarter. International Assets Investment Management LLC now owns 85,087 shares of the company’s stock worth $3,260,000 after buying an additional 83,621 shares in the last quarter. Finally, Raymond James & Associates raised its position in Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after buying an additional 2,275 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Royal Bank of Canada reduced their price target on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research report on Thursday, August 1st. Citigroup reduced their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a report on Monday, October 7th. UBS Group decreased their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Mizuho cut their price target on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Finally, Scotiabank raised their price objective on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Stock Performance

OVV opened at $40.39 on Friday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The business has a 50 day moving average of $41.12 and a 200-day moving average of $45.68. The stock has a market cap of $10.78 billion, a price-to-earnings ratio of 5.64, a PEG ratio of 7.76 and a beta of 2.61.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. On average, equities research analysts expect that Ovintiv Inc. will post 4.87 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio is presently 16.76%.

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.