Smead Capital Management Inc. Acquires 212,535 Shares of Ovintiv Inc. (NYSE:OVV)

Smead Capital Management Inc. increased its holdings in Ovintiv Inc. (NYSE:OVV) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,303,203 shares of the company’s stock after purchasing an additional 212,535 shares during the period. Ovintiv makes up about 3.4% of Smead Capital Management Inc.’s investment portfolio, making the stock its 14th largest position. Smead Capital Management Inc. owned about 2.39% of Ovintiv worth $241,476,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. purchased a new position in Ovintiv during the first quarter worth $214,000. US Bancorp DE boosted its stake in shares of Ovintiv by 4.5% during the first quarter. US Bancorp DE now owns 8,914 shares of the company’s stock valued at $463,000 after purchasing an additional 386 shares during the period. Avantax Advisory Services Inc. purchased a new stake in shares of Ovintiv during the first quarter valued at $233,000. Vanguard Group Inc. boosted its stake in shares of Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after purchasing an additional 1,024,931 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in shares of Ovintiv by 1,228.3% during the first quarter. Acadian Asset Management LLC now owns 8,063 shares of the company’s stock valued at $418,000 after purchasing an additional 7,456 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $44.97 on Tuesday. The company has a market capitalization of $11.71 billion, a PE ratio of 5.96 and a beta of 2.62. 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 company has a 50-day simple moving average of $40.80 and a two-hundred day simple moving average of $44.36. Ovintiv Inc. has a one year low of $36.90 and a one year high of $55.95.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.67%. Ovintiv’s dividend payout ratio (DPR) is currently 15.92%.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Citigroup lowered their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. UBS Group lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Monday. Finally, Barclays lifted their price objective on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a report on Friday. Five equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $56.71.

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.