Vanguard Group Inc. Grows Stock Position in Ovintiv Inc. (NYSE:OVV)

Vanguard Group Inc. grew its holdings in Ovintiv Inc. (NYSE:OVV) by 0.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 27,030,413 shares of the company’s stock after acquiring an additional 430 shares during the quarter. Vanguard Group Inc. owned 10.03% of Ovintiv worth $1,187,176,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. DekaBank Deutsche Girozentrale grew its position in Ovintiv by 6.9% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 20,466 shares of the company’s stock worth $1,002,000 after purchasing an additional 1,314 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in shares of Ovintiv during the third quarter valued at $1,194,000. Hsbc Holdings PLC grew its holdings in shares of Ovintiv by 2.0% during the third quarter. Hsbc Holdings PLC now owns 920,553 shares of the company’s stock valued at $43,795,000 after buying an additional 17,985 shares during the last quarter. LPL Financial LLC increased its position in shares of Ovintiv by 0.3% in the 3rd quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock valued at $4,265,000 after acquiring an additional 261 shares during the period. Finally, Northern Trust Corp raised its stake in Ovintiv by 4.5% in the 3rd quarter. Northern Trust Corp now owns 2,069,043 shares of the company’s stock worth $98,424,000 after acquiring an additional 89,753 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 1.4 %

Ovintiv stock opened at $46.60 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $12.44 billion, a PE ratio of 6.51 and a beta of 2.58. The business has a 50 day simple moving average of $49.93 and a 200-day simple moving average of $47.29. Ovintiv Inc. has a 12 month low of $34.50 and a 12 month high of $55.95.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.32 by $0.12. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. On average, analysts anticipate that Ovintiv Inc. will post 6.11 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, June 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.58%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Insider Activity at Ovintiv

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director now owns 8,929 shares of the company’s stock, valued at $446,450. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares of the company’s stock, valued at $446,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Howard John Mayson sold 4,000 shares of the stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OVV. Barclays started coverage on Ovintiv in a report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price objective on the stock. UBS Group increased their price target on shares of Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. TD Cowen raised their price target on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Evercore ISI raised shares of Ovintiv from an “in-line” rating to an “outperform” rating and set a $60.00 price objective on the stock in a report on Friday, June 14th. Finally, Royal Bank of Canada increased their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $58.65.

About Ovintiv

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.