Inspire Investing LLC Lowers Position in Ovintiv Inc. $OVV

Inspire Investing LLC trimmed its stake in shares of Ovintiv Inc. (NYSE:OVV) by 71.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,362 shares of the company’s stock after selling 18,369 shares during the period. Inspire Investing LLC’s holdings in Ovintiv were worth $280,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in OVV. Farther Finance Advisors LLC grew its holdings in Ovintiv by 1,012.3% during the 1st quarter. Farther Finance Advisors LLC now owns 4,149 shares of the company’s stock valued at $182,000 after buying an additional 3,776 shares in the last quarter. GAMMA Investing LLC raised its position in Ovintiv by 72.1% during the first quarter. GAMMA Investing LLC now owns 5,551 shares of the company’s stock valued at $238,000 after purchasing an additional 2,326 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in Ovintiv by 65.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 65,439 shares of the company’s stock worth $2,801,000 after buying an additional 25,817 shares during the period. State of Alaska Department of Revenue increased its position in Ovintiv by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 30,500 shares of the company’s stock valued at $1,305,000 after acquiring an additional 820 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Ovintiv by 71.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,113 shares of the company’s stock worth $390,000 after acquiring an additional 3,813 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 3rd. Scotiabank boosted their price target on Ovintiv from $48.00 to $51.00 and gave the company a “sector outperform” rating in a report on Friday, July 11th. UBS Group increased their price target on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Morgan Stanley reduced their price target on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Wells Fargo & Company lowered their target price on Ovintiv from $46.00 to $38.00 and set an “equal weight” rating for the company in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.12.

Ovintiv Price Performance

Shares of OVV stock opened at $35.94 on Friday. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 15.90, a PEG ratio of 5.36 and a beta of 0.97. The stock’s 50-day simple moving average is $40.46 and its 200-day simple moving average is $38.64.

Ovintiv (NYSE:OVV) last released its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The company had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.92 billion. As a group, equities analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.3%. Ovintiv’s dividend payout ratio (DPR) is currently 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.