Ameritas Investment Partners Inc. Reduces Holdings in Ovintiv Inc. (NYSE:OVV)

Ameritas Investment Partners Inc. reduced its stake in Ovintiv Inc. (NYSE:OVV) by 0.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 55,720 shares of the company’s stock after selling 319 shares during the quarter. Ameritas Investment Partners Inc.’s holdings in Ovintiv were worth $2,892,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of OVV. GAMMA Investing LLC increased its stake in shares of Ovintiv by 7.5% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after acquiring an additional 220 shares during the period. Blue Trust Inc. grew its position in Ovintiv by 20.5% during the 4th quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after purchasing an additional 284 shares during the period. Covestor Ltd grew its position in Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares during the period. Geneos Wealth Management Inc. raised its stake in shares of Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after buying an additional 300 shares during the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of Ovintiv by 20.3% in the 4th quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock valued at $85,000 after buying an additional 328 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Price Performance

Shares of OVV traded down $0.49 during trading hours on Tuesday, hitting $46.29. 2,388,310 shares of the stock were exchanged, compared to its average volume of 3,026,879. The stock’s 50-day moving average price is $47.87 and its two-hundred day moving average price is $47.96. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market cap of $12.36 billion, a price-to-earnings ratio of 6.53 and a beta of 2.63. Ovintiv Inc. has a 12-month low of $39.68 and a 12-month high of $55.95.

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

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Friday, June 14th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Analysts Set New Price Targets

OVV has been the topic of several analyst reports. Wolfe Research initiated coverage on Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock. TD Cowen lifted their target price on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Mizuho boosted their target price on shares of Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Truist Financial dropped their price target on shares of Ovintiv from $68.00 to $60.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Morgan Stanley lifted their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $60.33.

Insider Transactions at Ovintiv

In related news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction that occurred on 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 sale, the director now owns 8,929 shares of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction 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 transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, 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.

About Ovintiv

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.