Mercer Global Advisors Inc. ADV Sells 541 Shares of Ovintiv Inc. (NYSE:OVV)

Mercer Global Advisors Inc. ADV lowered its position in shares of Ovintiv Inc. (NYSE:OVV) by 2.1% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 25,198 shares of the company’s stock after selling 541 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Ovintiv were worth $1,020,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Ninepoint Partners LP increased its stake in shares of Ovintiv by 16.9% during the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock valued at $9,112,000 after buying an additional 32,500 shares during the period. Franklin Resources Inc. increased its position in Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after purchasing an additional 37,341 shares during the period. Westpac Banking Corp raised its holdings in Ovintiv by 64.8% in the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company’s stock worth $1,270,000 after purchasing an additional 12,340 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Ovintiv by 19.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company’s stock worth $8,768,000 after purchasing an additional 34,207 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Ovintiv by 2.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock valued at $77,508,000 after purchasing an additional 45,147 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Truist Financial raised their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Williams Trading set a $58.00 price target on Ovintiv in a research report on Wednesday, March 5th. Barclays decreased their price objective on Ovintiv from $59.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $55.00 to $57.00 in a report on Monday, March 24th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $50.00 price target on shares of Ovintiv in a research note on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $55.76.

Ovintiv Trading Up 2.3 %

Shares of NYSE:OVV opened at $36.13 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $51.72. The company has a market cap of $9.41 billion, a P/E ratio of 4.79 and a beta of 1.14. The stock’s fifty day moving average price is $37.03 and its 200-day moving average price is $40.62.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Sell-side analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.32%. Ovintiv’s dividend payout ratio is presently 51.06%.

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.