Ovintiv Inc. (NYSE:OVV) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC lowered its position in shares of Ovintiv Inc. (NYSE:OVV) by 4.8% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 11,739 shares of the company’s stock after selling 588 shares during the quarter. ProShare Advisors LLC’s holdings in Ovintiv were worth $550,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Ensign Peak Advisors Inc lifted its holdings in shares of Ovintiv by 600.4% during the second quarter. Ensign Peak Advisors Inc now owns 108,800 shares of the company’s stock worth $5,099,000 after purchasing an additional 93,265 shares during the period. Intech Investment Management LLC lifted its stake in Ovintiv by 336.0% during the 2nd quarter. Intech Investment Management LLC now owns 43,695 shares of the company’s stock valued at $2,048,000 after acquiring an additional 33,674 shares during the period. Inspire Investing LLC lifted its stake in Ovintiv by 162.6% during the 2nd quarter. Inspire Investing LLC now owns 22,406 shares of the company’s stock valued at $1,050,000 after acquiring an additional 13,874 shares during the period. MQS Management LLC boosted its holdings in shares of Ovintiv by 28.1% in the 2nd quarter. MQS Management LLC now owns 13,873 shares of the company’s stock valued at $650,000 after acquiring an additional 3,047 shares during the last quarter. Finally, Seven Eight Capital LP increased its stake in shares of Ovintiv by 7.0% in the second quarter. Seven Eight Capital LP now owns 106,840 shares of the company’s stock worth $5,008,000 after acquiring an additional 6,996 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on OVV. Evercore ISI cut their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday. Morgan Stanley dropped their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. reduced their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. TD Cowen upped their price objective on Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Finally, Truist Financial cut their target price on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a report on Monday. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $58.67.

Ovintiv Stock Performance

NYSE OVV opened at $38.31 on Tuesday. The stock has a market cap of $10.10 billion, a PE ratio of 5.35, a P/E/G ratio of 7.23 and a beta of 2.62. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a fifty day simple moving average of $41.94 and a 200-day simple moving average of $47.09. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Equities analysts anticipate that Ovintiv Inc. will post 5.26 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

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.