Ovintiv Inc. (NYSE:OVV) Shares Acquired by Covestor Ltd

Covestor Ltd boosted its holdings in Ovintiv Inc. (NYSE:OVV) by 23.1% during the first quarter, Holdings Channel.com reports. The fund owned 1,559 shares of the company’s stock after acquiring an additional 293 shares during the period. Covestor Ltd’s holdings in Ovintiv were worth $81,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Raymond James & Associates grew its position in shares of Ovintiv by 2.1% in the fourth quarter. Raymond James & Associates now owns 186,751 shares of the company’s stock valued at $8,202,000 after purchasing an additional 3,766 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Ovintiv by 5.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 16,782 shares of the company’s stock valued at $737,000 after buying an additional 920 shares during the last quarter. Viking Fund Management LLC purchased a new position in Ovintiv during the fourth quarter worth $2,635,000. Blue Trust Inc. raised its holdings in shares of Ovintiv by 20.5% in the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after acquiring an additional 284 shares during the last quarter. Finally, Quent Capital LLC raised its holdings in shares of Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after acquiring an additional 351 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Mizuho increased their price objective on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Barclays assumed coverage on shares of Ovintiv in a report on Wednesday, April 10th. They set an “overweight” rating and a $69.00 price target for the company. TD Cowen boosted their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. 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, Wolfe Research assumed coverage on shares of Ovintiv in a research note on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $60.33.

Insider Transactions at Ovintiv

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

Ovintiv Stock Down 0.5 %

OVV traded down $0.23 on Wednesday, reaching $46.06. The company’s stock had a trading volume of 861,692 shares, compared to its average volume of 3,011,005. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a 1 year low of $39.68 and a 1 year high of $55.95. The business’s 50 day moving average is $47.80 and its 200 day moving average is $47.98. The stock has a market cap of $12.30 billion, a price-to-earnings ratio of 6.47 and a beta of 2.63.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.32 by $0.12. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. As a group, research analysts forecast that Ovintiv Inc. will post 6.02 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, June 14th. Ovintiv’s dividend payout ratio is currently 16.76%.

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. 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.