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

Covestor Ltd decreased its position in shares of Ovintiv Inc. (NYSE:OVV) by 14.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 2,274 shares of the company’s stock after selling 393 shares during the quarter. Covestor Ltd’s holdings in Ovintiv were worth $97,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Townsquare Capital LLC boosted its holdings in shares of Ovintiv by 126.9% during the first quarter. Townsquare Capital LLC now owns 11,631 shares of the company’s stock valued at $498,000 after acquiring an additional 6,504 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Ovintiv by 1.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 212,113 shares of the company’s stock valued at $9,078,000 after purchasing an additional 2,293 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Ovintiv during the first quarter valued at about $61,000. Deutsche Bank AG raised its stake in shares of Ovintiv by 79.9% during the first quarter. Deutsche Bank AG now owns 695,440 shares of the company’s stock valued at $29,765,000 after purchasing an additional 308,790 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Ovintiv by 383.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock valued at $396,267,000 after purchasing an additional 7,344,796 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

NYSE OVV opened at $38.95 on Tuesday. The stock’s 50-day moving average price is $39.98 and its two-hundred day moving average price is $39.22. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. The company has a market cap of $10.01 billion, a PE ratio of 17.24, a PEG ratio of 4.83 and a beta of 1.10. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. On average, analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.1%. The ex-dividend date is Monday, September 15th. Ovintiv’s payout ratio is presently 53.10%.

Analyst Ratings Changes

A number of brokerages recently weighed in on OVV. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a “buy” rating in a research note on Wednesday, July 2nd. Wells Fargo & Company cut their price objective on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating on the stock in a research note on Monday, June 16th. Scotiabank lifted their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the company a “sector outperform” rating in a research note on Friday, July 11th. The Goldman Sachs Group upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Mizuho cut their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $53.47.

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.