M&T Bank Corp Sells 13,031 Shares of Ovintiv Inc. (NYSE:OVV)

M&T Bank Corp decreased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 41.1% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,711 shares of the company’s stock after selling 13,031 shares during the quarter. M&T Bank Corp’s holdings in Ovintiv were worth $675,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in OVV. Belpointe Asset Management LLC acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $29,000. Clearstead Advisors LLC acquired a new position in shares of Ovintiv during the 1st quarter worth approximately $41,000. ICA Group Wealth Management LLC acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $41,000. OLD Mission Capital LLC acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $45,000. Finally, Exos TFP Holdings LLC acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $46,000. Institutional investors and hedge funds own 98.30% of the company’s stock.

Insiders Place Their Bets

In other Ovintiv news, Director Steven W. Nance sold 1,201 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $48.65, for a total value of $58,428.65. Following the completion of the transaction, the director now owns 20,929 shares of the company’s stock, valued at approximately $1,018,195.85. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.91% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $48.28 on Friday. The stock has a fifty day moving average price of $43.59 and a 200-day moving average price of $39.62. The company has a market cap of $13.22 billion, a price-to-earnings ratio of 3.65, a PEG ratio of 0.56 and a beta of 2.81. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.45 and a current ratio of 0.45. Ovintiv Inc. has a fifty-two week low of $32.07 and a fifty-two week high of $59.10.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 27th. The company reported $0.93 earnings per share 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 firm had revenue of $2.52 billion during the quarter, compared to the consensus estimate of $2.11 billion. As a group, equities analysts anticipate that Ovintiv Inc. will post 6.38 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.49%. Ovintiv’s dividend payout ratio is currently 9.06%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on OVV shares. CIBC decreased their target price on Ovintiv from $55.00 to $50.00 in a report on Tuesday, May 23rd. UBS Group boosted their target price on Ovintiv from $47.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Mizuho boosted their target price on Ovintiv from $62.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, August 16th. Truist Financial boosted their target price on Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Finally, National Bankshares decreased their target price on Ovintiv from $61.00 to $60.00 in a report on Thursday, June 29th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $57.47.

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. 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.