Ovintiv Inc. $OVV Shares Sold by Park Avenue Securities LLC

Park Avenue Securities LLC trimmed its stake in shares of Ovintiv Inc. (NYSE:OVV) by 8.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 9,452 shares of the company’s stock after selling 921 shares during the quarter. Park Avenue Securities LLC’s holdings in Ovintiv were worth $360,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Concurrent Investment Advisors LLC boosted its stake in shares of Ovintiv by 5.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company’s stock worth $239,000 after acquiring an additional 297 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Ovintiv by 43.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company’s stock worth $49,000 after acquiring an additional 349 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Ovintiv by 16.9% during the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company’s stock worth $124,000 after acquiring an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. boosted its stake in shares of Ovintiv by 0.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company’s stock worth $2,962,000 after acquiring an additional 420 shares in the last quarter. Finally, Aberdeen Group plc lifted its holdings in shares of Ovintiv by 5.5% in the first quarter. Aberdeen Group plc now owns 9,168 shares of the company’s stock valued at $392,000 after purchasing an additional 475 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research analyst reports. Zacks Research lowered Ovintiv from a “hold” rating to a “strong sell” rating in a report on Friday, September 26th. Mizuho reduced their target price on Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Morgan Stanley set a $48.00 target price on Ovintiv and gave the company an “equal weight” rating in a report on Monday, August 18th. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and increased their target price for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Finally, TD Cowen upgraded Ovintiv to a “strong-buy” rating in a report on Monday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $52.60.

Ovintiv Price Performance

NYSE OVV opened at $40.42 on Wednesday. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The stock’s 50-day moving average is $41.00 and its two-hundred day moving average is $38.98. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $10.39 billion, a P/E ratio of 17.89, a price-to-earnings-growth ratio of 5.25 and a beta of 1.08.

Ovintiv (NYSE:OVV) last posted its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. On average, analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Monday, September 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Ovintiv’s dividend payout ratio (DPR) is 53.10%.

Ovintiv 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.