Ovintiv Inc. (NYSE:OVV) Shares Sold by Point72 DIFC Ltd

Point72 DIFC Ltd cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 9.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 72,052 shares of the company’s stock after selling 7,808 shares during the quarter. Point72 DIFC Ltd’s holdings in Ovintiv were worth $3,377,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. American National Bank purchased a new stake in Ovintiv during the first quarter worth about $27,000. Innealta Capital LLC acquired a new stake in shares of Ovintiv in the 2nd quarter worth approximately $39,000. Geneos Wealth Management Inc. increased its stake in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares in the last quarter. Atlas Capital Advisors LLC acquired a new position in Ovintiv during the first quarter worth $74,000. Finally, International Assets Investment Management LLC purchased a new stake in Ovintiv during the second quarter worth $69,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE OVV opened at $41.23 on Tuesday. The business has a 50-day moving average of $42.85 and a 200-day moving average of $47.52. The company has a market capitalization of $11.01 billion, a price-to-earnings ratio of 5.76, a PEG ratio of 6.50 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. Ovintiv Inc. has a 1-year low of $37.81 and a 1-year high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion for 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%. On average, equities analysts anticipate that Ovintiv Inc. will post 5.63 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, September 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on OVV shares. UBS Group cut their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Truist Financial boosted their price target on Ovintiv from $60.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. TD Cowen increased their price objective on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Wolfe Research started coverage on shares of Ovintiv in a research note on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. Finally, Royal Bank of Canada decreased their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $59.83.

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.