Intech Investment Management LLC lowered its holdings in Ovintiv Inc. (NYSE:OVV – Free Report) by 6.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,996 shares of the company’s stock after selling 826 shares during the quarter. Intech Investment Management LLC’s holdings in Ovintiv were worth $433,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Belpointe Asset Management LLC acquired a new stake in Ovintiv in the fourth quarter valued at $29,000. Clearstead Advisors LLC acquired a new stake in Ovintiv in the first quarter valued at $41,000. ICA Group Wealth Management LLC acquired a new stake in Ovintiv in the fourth quarter valued at $41,000. OLD Mission Capital LLC acquired a new position in shares of Ovintiv during the 4th quarter worth $45,000. Finally, Exos TFP Holdings LLC acquired a new position in shares of Ovintiv during the 4th quarter worth $46,000. Institutional investors and hedge funds own 98.30% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts have recently issued reports on the company. The Goldman Sachs Group assumed coverage on Ovintiv in a research note on Wednesday, July 12th. They set a “neutral” rating for the company. Wells Fargo & Company lifted their price target on Ovintiv from $36.00 to $39.00 in a research note on Friday, July 7th. National Bankshares dropped their price objective on Ovintiv from $61.00 to $60.00 in a research report on Thursday, June 29th. CIBC dropped their price objective on Ovintiv from $55.00 to $50.00 in a research report on Tuesday, May 23rd. Finally, Citigroup lifted their price objective on Ovintiv from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 1st. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $57.47.
Ovintiv Stock Performance
Shares of OVV opened at $46.66 on Monday. The business’s 50 day moving average is $42.48 and its two-hundred day moving average is $39.64. Ovintiv Inc. has a 52-week low of $32.07 and a 52-week high of $59.10. The firm has a market cap of $12.78 billion, a price-to-earnings ratio of 3.52, a PEG ratio of 0.56 and a beta of 2.81. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.59.
Ovintiv (NYSE:OVV – Get Free Report) last announced its earnings results on Thursday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.91 by $0.02. Ovintiv had a return on equity of 16.27% and a net margin of 28.27%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.11 billion. Analysts forecast that Ovintiv Inc. will post 6.38 EPS for the current fiscal year.
Ovintiv Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.57%. Ovintiv’s payout ratio is currently 9.06%.
Insider Buying and Selling
In related news, Director Steven W. Nance sold 1,201 shares of the company’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $48.65, for a total transaction of $58,428.65. Following the completion of the transaction, the director now directly owns 20,929 shares in the company, valued at approximately $1,018,195.85. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.91% of the stock is owned by company insiders.
Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. 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.
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