Amalgamated Bank Reduces Stock Position in Ovintiv Inc. (NYSE:OVV)

Amalgamated Bank lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 7.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 159,222 shares of the company’s stock after selling 12,838 shares during the period. Amalgamated Bank owned 0.06% of Ovintiv worth $7,463,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV lifted its position in shares of Ovintiv by 25.2% during the second quarter. Mercer Global Advisors Inc. ADV now owns 17,826 shares of the company’s stock worth $840,000 after acquiring an additional 3,585 shares in the last quarter. Denali Advisors LLC lifted its position in shares of Ovintiv by 1,278.6% during the second quarter. Denali Advisors LLC now owns 7,031 shares of the company’s stock worth $330,000 after acquiring an additional 6,521 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Ovintiv by 83.4% during the second quarter. Renaissance Technologies LLC now owns 423,728 shares of the company’s stock worth $19,860,000 after acquiring an additional 192,740 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after acquiring an additional 142,296 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its position in shares of Ovintiv by 17.7% during the second quarter. Oppenheimer Asset Management Inc. now owns 20,090 shares of the company’s stock worth $942,000 after acquiring an additional 3,027 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 1.1 %

NYSE OVV opened at $40.38 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The stock has a market capitalization of $10.78 billion, a PE ratio of 5.64, a PEG ratio of 6.24 and a beta of 2.62. Ovintiv Inc. has a 1 year low of $37.81 and a 1 year high of $55.95. The business’s 50-day moving average is $43.16 and its 200 day moving average is $47.65.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data 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 business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Sell-side analysts forecast that Ovintiv Inc. will post 5.81 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.97%. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Scotiabank increased their price objective on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 12th. Royal Bank of Canada lowered their price objective 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. Morgan Stanley lowered their price objective on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. lowered their price objective on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, Evercore ISI reiterated an “outperform” rating and issued a $60.00 price objective on shares of Ovintiv in a research report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.83.

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.