Inspire Investing LLC Cuts Stake in Ovintiv Inc. (NYSE:OVV)

Inspire Investing LLC cut its position in Ovintiv Inc. (NYSE:OVV) by 15.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 8,532 shares of the company’s stock after selling 1,560 shares during the period. Inspire Investing LLC’s holdings in Ovintiv were worth $443,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Westfield Capital Management Co. LP raised its stake in shares of Ovintiv by 3.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock worth $63,563,000 after purchasing an additional 44,241 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of Ovintiv by 176.3% in the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after purchasing an additional 29,449 shares during the period. International Assets Investment Management LLC grew its position in Ovintiv by 1,202.0% during the fourth quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock valued at $610,000 after buying an additional 12,813 shares during the period. FORA Capital LLC purchased a new position in shares of Ovintiv during the 1st quarter valued at about $4,244,000. Finally, Jennison Associates LLC bought a new position in shares of Ovintiv during the 1st quarter valued at approximately $6,334,000. Institutional investors own 83.81% of the company’s stock.

Insiders Place Their Bets

In other news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the transaction, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on OVV. Mizuho increased their price objective on shares of Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. TD Cowen increased their price target on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Barclays started coverage on Ovintiv in a research report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price objective on the stock. The Goldman Sachs Group increased their target price on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Finally, Bank of America reissued a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.24.

Ovintiv Stock Down 0.9 %

Shares of NYSE OVV traded down $0.43 during mid-day trading on Tuesday, reaching $48.46. 560,202 shares of the company were exchanged, compared to its average volume of 3,041,156. The firm has a 50-day moving average of $48.18 and a 200 day moving average of $47.83. Ovintiv Inc. has a 1 year low of $37.92 and a 1 year high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The stock has a market cap of $12.94 billion, a price-to-earnings ratio of 6.83 and a beta of 2.63.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.32 by $0.12. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. On average, research analysts expect that Ovintiv Inc. will post 6.08 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.20 annualized dividend and a yield of 2.48%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

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. 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.