Paradiem LLC Lowers Stock Holdings in Ovintiv Inc. $OVV

Paradiem LLC reduced its stake in Ovintiv Inc. (NYSE:OVV) by 78.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,533 shares of the company’s stock after selling 225,749 shares during the period. Paradiem LLC’s holdings in Ovintiv were worth $2,379,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Atlas Capital Advisors Inc. grew its stake in Ovintiv by 1,681.1% in the first quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company’s stock worth $594,000 after purchasing an additional 13,096 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Ovintiv by 54.3% during the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company’s stock worth $41,211,000 after buying an additional 338,866 shares in the last quarter. Raymond James Financial Inc. increased its stake in shares of Ovintiv by 204.2% during the first quarter. Raymond James Financial Inc. now owns 583,839 shares of the company’s stock valued at $24,988,000 after buying an additional 391,923 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Ovintiv by 383.8% in 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 acquiring an additional 7,344,796 shares in the last quarter. Finally, Lifestyle Asset Management Inc. raised its holdings in shares of Ovintiv by 46.8% in the second quarter. Lifestyle Asset Management Inc. now owns 28,170 shares of the company’s stock valued at $1,072,000 after acquiring an additional 8,987 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. UBS Group increased their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Mizuho lowered their price target on shares of Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. 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. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the stock an “equal weight” rating in a research note on Monday, August 18th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Ovintiv in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $52.60.

Ovintiv Stock Down 5.8%

Shares of OVV opened at $40.67 on Tuesday. The company has a market capitalization of $10.45 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 5.55 and a beta of 1.08. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18. The stock’s 50-day moving average price is $40.97 and its 200-day moving average price is $38.97. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

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

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Ovintiv’s dividend payout ratio is 53.10%.

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.