Colonial Trust Co SC Takes Position in Ovintiv Inc. (NYSE:OVV)

Colonial Trust Co SC purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 703 shares of the company’s stock, valued at approximately $28,000.

Other institutional investors also recently added to or reduced their stakes in the company. Tidal Investments LLC acquired a new position in shares of Ovintiv in the 3rd quarter valued at $409,000. Franklin Resources Inc. grew its position in Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after purchasing an additional 37,341 shares during the last quarter. Nordea Investment Management AB increased its stake in Ovintiv by 25.3% in the fourth quarter. Nordea Investment Management AB now owns 19,716 shares of the company’s stock valued at $796,000 after purchasing an additional 3,986 shares during the period. Claro Advisors LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at about $229,000. Finally, Pallas Capital Advisors LLC boosted its stake in shares of Ovintiv by 128.4% during the fourth quarter. Pallas Capital Advisors LLC now owns 13,586 shares of the company’s stock worth $550,000 after buying an additional 7,637 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on OVV shares. Barclays reduced their price objective on Ovintiv from $59.00 to $53.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company upped their price target on Ovintiv from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 22nd. Scotiabank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Finally, Truist Financial lifted their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $55.76.

Ovintiv Stock Up 2.3 %

OVV opened at $36.13 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market cap of $9.41 billion, a price-to-earnings ratio of 4.79 and a beta of 1.14. Ovintiv Inc. has a one year low of $29.80 and a one year high of $51.72. The business’s fifty day moving average is $37.03 and its two-hundred day moving average is $40.62.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.23 billion. Analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders 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 dividend yield of 3.32%. Ovintiv’s dividend payout ratio (DPR) is 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.