Creative Planning Reduces Stock Holdings in Ovintiv Inc. $OVV

Creative Planning cut its holdings in Ovintiv Inc. (NYSE:OVV) by 33.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,327 shares of the company’s stock after selling 12,089 shares during the quarter. Creative Planning’s holdings in Ovintiv were worth $926,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Burney Co. increased its stake in Ovintiv by 690.5% during the 2nd quarter. Burney Co. now owns 67,091 shares of the company’s stock valued at $2,553,000 after purchasing an additional 58,604 shares in the last quarter. Atlas Capital Advisors Inc. grew its holdings in shares of Ovintiv by 1,681.1% during the first quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company’s stock valued at $594,000 after buying an additional 13,096 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Ovintiv by 54.3% in the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company’s stock valued at $41,211,000 after acquiring an additional 338,866 shares during the period. Raymond James Financial Inc. increased its position in shares of Ovintiv by 204.2% in the 1st quarter. Raymond James Financial Inc. now owns 583,839 shares of the company’s stock valued at $24,988,000 after acquiring an additional 391,923 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Ovintiv by 11.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 241,568 shares of the company’s stock worth $9,192,000 after acquiring an additional 23,968 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Trading Up 1.0%

Shares of NYSE:OVV opened at $40.87 on Monday. 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 Inc. has a 12-month low of $29.80 and a 12-month high of $46.35. The business has a 50 day moving average of $38.80 and a two-hundred day moving average of $39.46. The company has a market capitalization of $10.35 billion, a PE ratio of 18.08, a PEG ratio of 1.89 and a beta of 1.00.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.06. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.86 billion. As a group, analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, December 15th. Ovintiv’s dividend payout ratio is presently 131.87%.

Analysts Set New Price Targets

Several analysts have weighed in on OVV shares. Morgan Stanley dropped their price target on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. Barclays dropped their target price on Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Citigroup reduced their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Mizuho dropped their price objective on shares of Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Finally, Zacks Research upgraded shares of Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $51.83.

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.