Ovintiv Inc. (NYSE:OVV) Stock Holdings Trimmed by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its stake in Ovintiv Inc. (NYSE:OVV) by 2.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,050,121 shares of the company’s stock after selling 84,410 shares during the quarter. Bank of New York Mellon Corp owned about 1.14% of Ovintiv worth $142,959,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. American National Bank bought a new stake in Ovintiv in the first quarter worth about $27,000. Avalon Trust Co purchased a new stake in Ovintiv in the 4th quarter worth about $34,000. Geneos Wealth Management Inc. boosted its position in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares during the period. Creekmur Asset Management LLC purchased a new position in Ovintiv during the 4th quarter valued at about $68,000. Finally, Atlas Capital Advisors LLC acquired a new position in shares of Ovintiv in the 1st quarter valued at about $74,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 1.4 %

Shares of Ovintiv stock opened at $43.95 on Tuesday. Ovintiv Inc. has a 52-week low of $38.99 and a 52-week high of $55.95. The firm has a market capitalization of $11.73 billion, a PE ratio of 6.14, a price-to-earnings-growth ratio of 7.10 and a beta of 2.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The company’s fifty day moving average price is $45.33 and its two-hundred day moving average price is $48.26.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, analysts expect that Ovintiv Inc. will post 5.69 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.73%. Ovintiv’s dividend payout ratio is currently 16.76%.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Truist Financial boosted their price objective on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Royal Bank of Canada dropped their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. TD Cowen boosted their target price on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and set a $60.00 price target on shares of Ovintiv in a research note on Wednesday, July 10th. Finally, Wells Fargo & Company decreased their price objective on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.56.

Insider Activity at Ovintiv

In other Ovintiv 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 completion of the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by insiders.

Ovintiv Company Profile

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.