Ovintiv Inc. (NYSE:OVV) Stake Lowered by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 6.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,209 shares of the company’s stock after selling 1,480 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Ovintiv were worth $1,041,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Westfield Capital Management Co. LP boosted its holdings in shares of Ovintiv by 3.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock valued at $63,563,000 after acquiring an additional 44,241 shares during the period. TD Asset Management Inc boosted its stake in Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after purchasing an additional 29,449 shares during the period. Wedge Capital Management L L P NC grew its position in Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock worth $25,090,000 after purchasing an additional 106,900 shares during the last quarter. FORA Capital LLC acquired a new stake in shares of Ovintiv in the first quarter valued at approximately $4,244,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Ovintiv during the first quarter valued at approximately $1,149,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on OVV shares. Royal Bank of Canada lowered their target price on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Scotiabank lifted their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $52.00 to $51.00 and set an “equal weight” rating for the company in a research report on Thursday, August 1st. JPMorgan Chase & Co. dropped their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, UBS Group decreased their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $59.83.

Ovintiv Trading Up 0.3 %

Shares of NYSE OVV opened at $40.50 on Friday. The business has a fifty day simple moving average of $43.00 and a 200-day simple moving average of $47.60. The company has a market cap of $10.68 billion, a price-to-earnings ratio of 5.66, a P/E/G ratio of 6.50 and a beta of 2.62. Ovintiv Inc. has a 12 month low of $37.81 and a 12 month high of $55.95. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. Sell-side analysts predict that Ovintiv Inc. will post 5.63 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.96%. The ex-dividend date is Friday, September 13th. Ovintiv’s payout ratio is 16.76%.

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.