Fifth Third Bancorp Sells 1,574 Shares of Ovintiv Inc. $OVV

Fifth Third Bancorp reduced its position in shares of Ovintiv Inc. (NYSE:OVV) by 59.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,069 shares of the company’s stock after selling 1,574 shares during the quarter. Fifth Third Bancorp’s holdings in Ovintiv were worth $41,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in OVV. GAMMA Investing LLC grew its position in shares of Ovintiv by 46.2% during the 2nd quarter. GAMMA Investing LLC now owns 8,118 shares of the company’s stock worth $309,000 after buying an additional 2,567 shares in the last quarter. Foundation Resource Management Inc. lifted its stake in Ovintiv by 1.0% in the second quarter. Foundation Resource Management Inc. now owns 90,399 shares of the company’s stock worth $3,440,000 after acquiring an additional 878 shares during the period. Wedge Capital Management L L P NC grew its holdings in Ovintiv by 2.1% during the 2nd quarter. Wedge Capital Management L L P NC now owns 422,744 shares of the company’s stock worth $16,085,000 after acquiring an additional 8,648 shares in the last quarter. Gateway Investment Advisers LLC increased its position in Ovintiv by 140.6% during the 2nd quarter. Gateway Investment Advisers LLC now owns 31,780 shares of the company’s stock valued at $1,209,000 after purchasing an additional 18,572 shares during the period. Finally, Harbor Capital Advisors Inc. bought a new stake in shares of Ovintiv in the 2nd quarter valued at about $1,249,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Trading Down 2.4%

Shares of Ovintiv stock opened at $39.57 on Friday. The firm’s 50 day simple moving average is $41.01 and its two-hundred day simple moving average is $38.98. The firm has a market capitalization of $10.17 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 5.24 and a beta of 0.97. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $47.18. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

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

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. Ovintiv’s dividend payout ratio is currently 53.10%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on OVV. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the company an “equal weight” rating in a research note on Monday, August 18th. Wells Fargo & Company dropped their target price on Ovintiv from $46.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, June 16th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $55.00 price target on shares of Ovintiv in a report on Friday, September 26th. Scotiabank boosted their price target on Ovintiv from $48.00 to $51.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 11th. Finally, TD Cowen upgraded Ovintiv to a “strong-buy” rating in a research note on Monday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $52.60.

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.