Shelton Capital Management Buys Shares of 8,779 Ovintiv Inc. (NYSE:OVV)

Shelton Capital Management purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) in the second quarter, HoldingsChannel reports. The institutional investor purchased 8,779 shares of the company’s stock, valued at approximately $334,000.

Several other hedge funds also recently modified their holdings of the business. Quadrant Capital Group LLC raised its stake in Ovintiv by 10.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 8,902 shares of the company’s stock valued at $339,000 after purchasing an additional 847 shares during the last quarter. US Bancorp DE lifted its stake in shares of Ovintiv by 3.2% in the second quarter. US Bancorp DE now owns 9,332 shares of the company’s stock valued at $355,000 after buying an additional 286 shares during the period. Charles Schwab Investment Management Inc. grew its position in Ovintiv by 2.2% during the second quarter. Charles Schwab Investment Management Inc. now owns 1,524,628 shares of the company’s stock worth $58,043,000 after buying an additional 32,372 shares in the last quarter. Cetera Investment Advisers increased its stake in Ovintiv by 95.1% during the second quarter. Cetera Investment Advisers now owns 12,152 shares of the company’s stock valued at $463,000 after acquiring an additional 5,924 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Ovintiv by 6.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,490,031 shares of the company’s stock valued at $94,791,000 after acquiring an additional 152,820 shares in the last quarter. 98.30% of the stock is owned by institutional investors.

Ovintiv Stock Performance

Ovintiv stock opened at $44.89 on Tuesday. The stock has a 50-day simple moving average of $47.25 and a 200 day simple moving average of $42.95. The stock has a market capitalization of $12.25 billion, a price-to-earnings ratio of 4.45, a P/E/G ratio of 0.51 and a beta of 2.74. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.57. Ovintiv Inc. has a 12-month low of $32.07 and a 12-month high of $57.13.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Thursday, December 14th. Ovintiv’s dividend payout ratio is presently 11.90%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on OVV shares. Royal Bank of Canada lifted their price objective on Ovintiv from $47.00 to $50.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 10th. Truist Financial increased their price objective on shares of Ovintiv from $52.00 to $54.00 and gave the company a “buy” rating in a research note on Monday, July 31st. Scotiabank lifted their target price on shares of Ovintiv from $49.00 to $53.00 and gave the company a “sector perform” rating in a research report on Monday, October 16th. Bank of America increased their price target on shares of Ovintiv from $62.00 to $66.00 in a research report on Wednesday, September 27th. Finally, Citigroup lifted their price objective on Ovintiv from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, August 1st. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $56.50.

Ovintiv Company 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. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.