Diversified Trust Co Has $1.12 Million Holdings in Ovintiv Inc. (NYSE:OVV)

Diversified Trust Co raised its position in shares of Ovintiv Inc. (NYSE:OVV) by 326.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 29,223 shares of the company’s stock after purchasing an additional 22,370 shares during the quarter. Diversified Trust Co’s holdings in Ovintiv were worth $1,120,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Crossmark Global Holdings Inc. boosted its holdings in shares of Ovintiv by 5.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 17,454 shares of the company’s stock worth $767,000 after buying an additional 979 shares in the last quarter. Cibc World Markets Corp bought a new position in shares of Ovintiv during the 4th quarter worth approximately $756,000. Prudential PLC boosted its holdings in shares of Ovintiv by 33.1% during the 4th quarter. Prudential PLC now owns 13,512 shares of the company’s stock worth $593,000 after buying an additional 3,362 shares in the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of Ovintiv by 12.3% during the 4th quarter. Neuberger Berman Group LLC now owns 14,629 shares of the company’s stock worth $642,000 after buying an additional 1,600 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Ovintiv by 1,560.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after buying an additional 1,363,865 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE OVV opened at $41.84 on Wednesday. The company’s 50 day moving average is $41.59 and its 200-day moving average is $46.79. Ovintiv Inc. has a 12-month low of $36.90 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. The firm has a market cap of $11.03 billion, a P/E ratio of 5.84, a price-to-earnings-growth ratio of 7.75 and a beta of 2.61.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Sell-side analysts predict that Ovintiv Inc. will post 4.98 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.87%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on OVV shares. JPMorgan Chase & Co. cut their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Truist Financial lowered their price target on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Bank of America reissued a “neutral” rating and issued a $55.00 price target on shares of Ovintiv in a research report on Friday, June 14th. Citigroup lowered their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday. Finally, Morgan Stanley lowered their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.00.

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.