Drive Wealth Management LLC Has $461,000 Stock Position in Ovintiv Inc. (NYSE:OVV)

Drive Wealth Management LLC lifted its position in Ovintiv Inc. (NYSE:OVV) by 10.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,376 shares of the company’s stock after buying an additional 1,067 shares during the quarter. Drive Wealth Management LLC’s holdings in Ovintiv were worth $461,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC grew its holdings in Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after acquiring an additional 231 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Ovintiv by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after purchasing an additional 280 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after purchasing an additional 282 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its stake in shares of Ovintiv by 5.2% in the 3rd quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after purchasing an additional 298 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Price Performance

NYSE:OVV opened at $44.90 on Monday. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a fifty day simple moving average of $42.67 and a 200 day simple moving average of $42.43. The stock has a market capitalization of $11.69 billion, a PE ratio of 5.96 and a beta of 2.63.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.76. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the business earned $1.74 earnings per share. On average, research analysts expect that Ovintiv Inc. will post 5.58 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.30 dividend. The ex-dividend date was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.67%. Ovintiv’s dividend payout ratio is presently 15.92%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on OVV shares. Wells Fargo & Company reduced their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 17th. Scotiabank raised their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. UBS Group reduced their target price on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Mizuho cut their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Finally, Barclays increased their price target on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Four investment 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.81.

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.