Ritholtz Wealth Management Increases Stake in Ovintiv Inc.

Ritholtz Wealth Management has acquired a new stake in Ovintiv Inc. (NYSE:OVV) during the second quarter of 2023, as disclosed in its latest filing with the Securities and Exchange Commission. The investment firm purchased 22,347 shares of Ovintiv’s stock, amounting to approximately $850,000. This move highlights growing institutional interest in the energy sector, particularly in companies like Ovintiv, which focuses on natural gas and oil production.

Several other institutional investors have also adjusted their holdings in Ovintiv. Notably, Charles Schwab Investment Management Inc. significantly increased its position by 383.8% in the first quarter of 2023, acquiring an additional 7,344,796 shares. This brought its total ownership to 9,258,570 shares, valued at $396.3 million. Similarly, AQR Capital Management LLC raised its stake by 69.7%, now holding 5,572,732 shares valued at approximately $238.5 million. Other firms, such as Fuller & Thaler Asset Management Inc. and Nuveen LLC, also entered new positions valued at $56.9 million and $46.6 million, respectively.

Ovintiv’s Market Performance and Dividend Announcement

As of last Friday, Ovintiv’s stock was trading at $35.94. The company has experienced fluctuations in its stock price, with a 12-month low of $29.80 and a high of $47.18. It has a market capitalization of $9.24 billion, a price-to-earnings (P/E) ratio of 15.90, and a dividend payout ratio of 53.10%.

On September 29, 2023, Ovintiv declared a quarterly dividend of $0.30 per share, following the ex-dividend date of September 15. This results in an annualized dividend of $1.20, yielding approximately 3.3%.

Analysts’ Ratings and Outlook

Ovintiv has attracted attention from several financial analysts recently. TD Cowen has upgraded the company’s shares to a “strong-buy” rating. Conversely, Barclays adjusted its price target downward from $57.00 to $55.00, maintaining an “overweight” rating. Evercore ISI raised its price target to $43.00, while Mizuho decreased its target from $58.00 to $50.00, both rating the stock as “outperform.”

Currently, Ovintiv has received a consensus rating of “Moderate Buy” from analysts, with a target price averaging $51.12. The stock has garnered various ratings, including one “Strong Buy,” thirteen “Buy,” four “Hold,” and one “Sell.”

Ovintiv Inc., based in the United States and Canada, engages in exploring, developing, producing, and marketing natural gas, oil, and natural gas liquids. The company operates through multiple segments, including USA Operations and Canadian Operations, with significant assets in the Permian Basin and Montney formation.

For those interested in tracking further developments, updated 13F filings and insider trades for Ovintiv Inc. can be found on financial news platforms.