Ovintiv Inc. (NYSE:OVV) Shares Sold by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 54.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,262 shares of the company’s stock after selling 13,656 shares during the period. Gateway Investment Advisers LLC’s holdings in Ovintiv were worth $585,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OVV. LPL Financial LLC boosted its stake in shares of Ovintiv by 0.3% during the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after buying an additional 261 shares during the period. Northern Trust Corp raised its holdings in Ovintiv by 4.5% during the third quarter. Northern Trust Corp now owns 2,069,043 shares of the company’s stock worth $98,424,000 after purchasing an additional 89,753 shares in the last quarter. Natixis Advisors L.P. raised its holdings in Ovintiv by 32.1% during the third quarter. Natixis Advisors L.P. now owns 32,048 shares of the company’s stock worth $1,525,000 after purchasing an additional 7,794 shares in the last quarter. Westfield Capital Management Co. LP raised its holdings in Ovintiv by 2.0% during the third quarter. Westfield Capital Management Co. LP now owns 1,403,007 shares of the company’s stock worth $66,741,000 after purchasing an additional 26,972 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in Ovintiv by 6.1% during the third quarter. Treasurer of the State of North Carolina now owns 118,082 shares of the company’s stock worth $5,617,000 after purchasing an additional 6,743 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Down 1.1 %

Shares of NYSE OVV opened at $46.68 on Wednesday. Ovintiv Inc. has a 1 year low of $34.95 and a 1 year high of $55.95. The firm’s 50 day moving average price is $49.56 and its 200 day moving average price is $47.46. The firm has a market cap of $12.46 billion, a P/E ratio of 6.52 and a beta of 2.58. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The firm had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.58 billion. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 6.11 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently announced 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 dividend on an annualized basis and a yield of 2.57%. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OVV. Citigroup increased their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. UBS Group increased their target price on shares of Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Royal Bank of Canada increased their target price on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. Bank of America reaffirmed a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a report on Friday, June 14th. Finally, TD Cowen increased their target price on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $58.65.

Insider Buying and Selling

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of Ovintiv stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Steven W. Nance sold 12,000 shares of Ovintiv 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 transaction, the director now owns 8,929 shares in the company, valued at approximately $446,450. The disclosure for this sale can be found here. 0.97% of the stock is owned by company insiders.

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.