LPL Financial LLC Has $4.28 Million Position in Ovintiv Inc. (NYSE:OVV)

LPL Financial LLC raised its holdings in Ovintiv Inc. (NYSE:OVV – Get Rating) by 66.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 84,354 shares of the company’s stock after buying an additional 33,621 shares during the period. LPL Financial LLC’s holdings in Ovintiv were worth $4,278,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Miller Wealth Advisors LLC boosted its holdings in shares of Ovintiv by 48.2% during the 4th quarter. Miller Wealth Advisors LLC now owns 664 shares of the company’s stock worth $32,000 after buying an additional 216 shares during the period. New York State Teachers Retirement System boosted its holdings in shares of Ovintiv by 1.1% during the 4th quarter. New York State Teachers Retirement System now owns 22,750 shares of the company’s stock worth $1,154,000 after buying an additional 250 shares during the period. Bay Harbor Wealth Management LLC boosted its holdings in shares of Ovintiv by 43.9% during the 4th quarter. Bay Harbor Wealth Management LLC now owns 967 shares of the company’s stock worth $49,000 after buying an additional 295 shares during the period. Inspire Investing LLC boosted its holdings in shares of Ovintiv by 4.8% during the 4th quarter. Inspire Investing LLC now owns 6,718 shares of the company’s stock worth $341,000 after buying an additional 308 shares during the period. Finally, CWM LLC boosted its holdings in shares of Ovintiv by 22.9% during the 4th quarter. CWM LLC now owns 1,743 shares of the company’s stock worth $88,000 after buying an additional 325 shares during the period. 76.76% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Price Performance

OVV stock opened at $32.08 on Wednesday. The company has a 50 day simple moving average of $36.23 and a 200 day simple moving average of $45.11. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of 1.87, a P/E/G ratio of 0.14 and a beta of 2.78. Ovintiv Inc. has a 1 year low of $32.07 and a 1 year high of $63.30. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.61 and a quick ratio of 0.61.

Ovintiv (NYSE:OVV – Get Rating) last released its quarterly earnings data on Monday, February 27th. The company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.84). Ovintiv had a return on equity of 28.85% and a net margin of 29.18%. The company had revenue of $3.21 billion for the quarter, compared to analyst estimates of $2.30 billion. Research analysts anticipate that Ovintiv Inc. will post 9.03 EPS for the current fiscal year.

Ovintiv Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.74%. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, June 14th. Ovintiv’s payout ratio is presently 7.01%.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The shares were sold at an average price of $45.62, for a total transaction of $136,860.00. Following the sale, the director now directly owns 21,403 shares of the company’s stock, valued at approximately $976,404.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.91% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. JPMorgan Chase & Co. downgraded shares of Ovintiv from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $59.00 to $53.00 in a report on Tuesday, March 14th. National Bankshares cut their price objective on shares of Ovintiv from $66.00 to $61.00 and set an “outperform” rating for the company in a report on Tuesday, April 4th. TD Cowen cut their price objective on shares of Ovintiv from $79.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, April 5th. Evercore ISI cut their price objective on shares of Ovintiv from $60.00 to $42.00 and set an “in-line” rating for the company in a report on Tuesday, April 4th. Finally, Citigroup downgraded shares of Ovintiv from a “buy” rating to a “neutral” rating and cut their price objective for the company from $55.00 to $38.00 in a report on Thursday, March 23rd. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.79.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. 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.