Raymond James Financial Services Advisors Inc. Lowers Stake in Ovintiv Inc. (NYSE:OVV)

Raymond James Financial Services Advisors Inc. reduced its position in shares of Ovintiv Inc. (NYSE:OVV) by 7.7% during the 4th quarter, HoldingsChannel reports. The fund owned 30,530 shares of the company’s stock after selling 2,535 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Ovintiv were worth $1,341,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Loomis Sayles & Co. L P raised its position in shares of Ovintiv by 107.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock worth $31,000 after purchasing an additional 341 shares during the last quarter. Belpointe Asset Management LLC raised its position in shares of Ovintiv by 62.5% during the 1st quarter. Belpointe Asset Management LLC now owns 931 shares of the company’s stock worth $34,000 after purchasing an additional 358 shares during the last quarter. Penserra Capital Management LLC acquired a new position in shares of Ovintiv during the 3rd quarter worth about $36,000. Pacifica Partners Inc. acquired a new position in shares of Ovintiv during the 4th quarter worth about $37,000. Finally, Quantbot Technologies LP acquired a new position in shares of Ovintiv during the 3rd quarter worth about $38,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Down 2.0 %

Shares of NYSE OVV opened at $53.76 on Friday. The company has a 50 day simple moving average of $48.98 and a 200-day simple moving average of $46.25. The company has a market capitalization of $14.46 billion, a P/E ratio of 6.81 and a beta of 2.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. Ovintiv Inc. has a 1 year low of $32.07 and a 1 year high of $55.95.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The business had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. On average, equities research analysts predict that Ovintiv Inc. will post 6.25 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.30 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.23%. Ovintiv’s dividend payout ratio is currently 15.21%.

Insider Buying and Selling

In related news, EVP Rachel Maureen Moore sold 9,300 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Rachel Maureen Moore sold 9,300 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the transaction, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,564 shares of company stock valued at $4,660,818. Company insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Citigroup upped their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. National Bankshares reduced their price target on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, January 10th. UBS Group upped their price target on shares of Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday. Jefferies Financial Group increased their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a report on Friday. Finally, Mizuho reiterated a “buy” rating and issued a $58.00 price objective on shares of Ovintiv in a report on Thursday, April 4th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $56.47.

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. 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.