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

Shelton Capital Management acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,779 shares of the company’s stock, valued at approximately $334,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dodge & Cox raised its stake in Ovintiv by 24.8% during the first quarter. Dodge & Cox now owns 27,016,020 shares of the company’s stock worth $974,738,000 after purchasing an additional 5,361,244 shares during the period. FMR LLC boosted its holdings in Ovintiv by 9.2% in the first quarter. FMR LLC now owns 22,718,057 shares of the company’s stock valued at $819,667,000 after acquiring an additional 1,920,776 shares during the last quarter. Invesco Ltd. grew its position in Ovintiv by 321.3% during the first quarter. Invesco Ltd. now owns 2,396,829 shares of the company’s stock valued at $129,597,000 after acquiring an additional 1,827,966 shares during the period. Palo Duro Investment Partners LP acquired a new stake in Ovintiv during the first quarter worth about $56,151,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of Ovintiv by 63.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock worth $213,604,000 after purchasing an additional 1,530,397 shares during the period. Hedge funds and other institutional investors own 98.30% of the company’s stock.

Ovintiv Price Performance

Shares of OVV stock opened at $44.89 on Tuesday. The firm has a market cap of $12.25 billion, a P/E ratio of 4.45, a P/E/G ratio of 0.51 and a beta of 2.74. The firm has a fifty day moving average of $47.25 and a two-hundred day moving average of $42.95. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.45 and a quick ratio of 0.45. Ovintiv Inc. has a 1-year low of $32.07 and a 1-year high of $57.13.

Ovintiv Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently commented on OVV shares. Wells Fargo & Company raised their price target on shares of Ovintiv from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Friday, October 20th. Scotiabank increased their price target on Ovintiv from $49.00 to $53.00 and gave the company a “sector perform” rating in a report on Monday, October 16th. Royal Bank of Canada raised their price objective on Ovintiv from $47.00 to $50.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 10th. Truist Financial upped their target price on Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, July 31st. Finally, Bank of America raised their target price on Ovintiv from $62.00 to $66.00 in a report on Wednesday, September 27th. Nine equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $56.50.

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. 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.