Wedge Capital Management L L P NC increased its holdings in Ovintiv Inc. (NYSE:OVV – Free Report) by 3.8% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 555,472 shares of the company’s stock after buying an additional 20,168 shares during the period. Wedge Capital Management L L P NC owned 0.21% of Ovintiv worth $21,280,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in OVV. American National Bank bought a new position in shares of Ovintiv in the 1st quarter worth $27,000. Innealta Capital LLC bought a new stake in Ovintiv during the second quarter worth about $39,000. Geneos Wealth Management Inc. boosted its holdings in shares of Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. UMB Bank n.a. raised its holdings in shares of Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after buying an additional 286 shares in the last quarter. Finally, Atlas Capital Advisors LLC bought a new stake in Ovintiv in the 1st quarter worth approximately $74,000. Institutional investors own 83.81% of the company’s stock.
Analysts Set New Price Targets
OVV has been the topic of several research reports. JPMorgan Chase & Co. decreased their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. 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. Wells Fargo & Company dropped their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Citigroup decreased their price target on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, Scotiabank increased their price objective on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. 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 data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $57.00.
Ovintiv Stock Down 1.7 %
Shares of NYSE:OVV traded down $0.72 on Monday, hitting $42.41. 518,585 shares of the company traded hands, compared to its average volume of 3,124,601. The stock has a 50 day simple moving average of $41.41 and a 200-day simple moving average of $46.54. 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 company has a market cap of $11.32 billion, a PE ratio of 6.02, a PEG ratio of 8.02 and a beta of 2.61. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95.
Ovintiv (NYSE:OVV – Get Free Report) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. As a group, research analysts expect that Ovintiv Inc. will post 4.9 earnings per share for the current year.
Ovintiv Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.83%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio is currently 16.76%.
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.
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