Inspire Investing LLC Sells 15,005 Shares of Ovintiv Inc. (NYSE:OVV)

Inspire Investing LLC reduced its stake in Ovintiv Inc. (NYSE:OVV) by 67.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,401 shares of the company’s stock after selling 15,005 shares during the quarter. Inspire Investing LLC’s holdings in Ovintiv were worth $284,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after acquiring an additional 142,296 shares during the last quarter. AQR Capital Management LLC raised its position in Ovintiv by 114.9% during the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock valued at $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Ovintiv by 1.7% during the first quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock worth $52,201,000 after purchasing an additional 17,206 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in shares of Ovintiv by 6.2% in the 2nd quarter. Hsbc Holdings PLC now owns 976,001 shares of the company’s stock worth $45,778,000 after purchasing an additional 57,182 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on OVV. UBS Group decreased their price objective on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Wolfe Research began coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective for the company. Mizuho reduced their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Citigroup lowered their price target on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Finally, Truist Financial reduced their price objective on Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Stock Performance

Shares of OVV stock opened at $40.79 on Friday. The firm has a market capitalization of $10.75 billion, a price-to-earnings ratio of 5.75, a PEG ratio of 8.23 and a beta of 2.61. The stock has a fifty day moving average of $41.42 and a 200 day moving average of $46.20. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week 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 earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. As a group, research analysts expect that Ovintiv Inc. will post 4.83 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.94%. Ovintiv’s payout ratio is 16.93%.

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.