Burney Co. Trims Position in Ovintiv Inc. (NYSE:OVV)

Burney Co. cut its position in Ovintiv Inc. (NYSE:OVV) by 18.2% in the second quarter, HoldingsChannel.com reports. The firm owned 99,688 shares of the company’s stock after selling 22,184 shares during the quarter. Burney Co.’s holdings in Ovintiv were worth $4,672,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Balyasny Asset Management L.P. grew its stake in Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after acquiring an additional 1,363,865 shares in the last quarter. Vanguard Group Inc. grew its stake in Ovintiv by 3.8% during the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after acquiring an additional 1,024,931 shares in the last quarter. Public Employees Retirement Association of Colorado grew its stake in Ovintiv by 2,602.0% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after acquiring an additional 688,690 shares in the last quarter. SG Americas Securities LLC grew its stake in Ovintiv by 6,830.6% during the first quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock valued at $21,334,000 after acquiring an additional 405,123 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its stake in Ovintiv by 605.3% during the fourth quarter. Allianz Asset Management GmbH now owns 433,952 shares of the company’s stock valued at $19,059,000 after acquiring an additional 372,427 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Howard John Mayson sold 4,000 shares of the firm’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 transaction, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

Ovintiv Trading Up 1.3 %

Ovintiv stock traded up $0.57 during midday trading on Thursday, hitting $43.74. 707,156 shares of the stock were exchanged, compared to its average volume of 2,966,254. Ovintiv Inc. has a fifty-two week low of $38.99 and a fifty-two week high of $55.95. The stock has a market capitalization of $11.68 billion, a price-to-earnings ratio of 6.10, a PEG ratio of 7.10 and a beta of 2.63. The stock’s 50-day simple moving average is $45.22 and its 200 day simple moving average is $48.24. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, equities analysts anticipate that Ovintiv Inc. will post 5.69 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Truist Financial raised their target price on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Evercore ISI reiterated an “outperform” rating and set a $60.00 price objective on shares of Ovintiv in a research report on Wednesday, July 10th. Scotiabank increased their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research report on Friday, July 12th. Mizuho increased their price objective on shares of Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Finally, Wolfe Research initiated coverage on shares of Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.56.

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.