Truist Financial Corp Has $2.57 Million Stake in Ovintiv Inc. (NYSE:OVV)

Truist Financial Corp raised its holdings in Ovintiv Inc. (NYSE:OVV) by 13.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 58,504 shares of the company’s stock after acquiring an additional 6,764 shares during the period. Truist Financial Corp’s holdings in Ovintiv were worth $2,570,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OVV. SG Americas Securities LLC bought a new stake in shares of Ovintiv in the third quarter valued at about $440,000. Raymond James & Associates lifted its holdings in shares of Ovintiv by 2.1% in the third quarter. Raymond James & Associates now owns 182,985 shares of the company’s stock valued at $8,705,000 after purchasing an additional 3,840 shares in the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Ovintiv by 93.8% in the third quarter. New York State Teachers Retirement System now owns 219,356 shares of the company’s stock valued at $10,435,000 after purchasing an additional 106,147 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Ovintiv by 7.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,231 shares of the company’s stock valued at $1,961,000 after purchasing an additional 2,687 shares in the last quarter. Finally, Strs Ohio bought a new stake in shares of Ovintiv in the third quarter valued at about $962,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 9,300 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the sale, the executive vice president now owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, EVP Rachel Maureen Moore sold 9,300 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the sale, the executive vice president now owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,564 shares of company stock valued at $4,660,818. 0.97% of the stock is owned by company insiders.

Ovintiv Price Performance

NYSE:OVV opened at $50.88 on Thursday. Ovintiv Inc. has a one year low of $32.07 and a one year high of $55.95. The company has a market cap of $13.68 billion, a P/E ratio of 6.45 and a beta of 2.65. The firm’s fifty day moving average price is $51.85 and its two-hundred day moving average price is $46.71. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The firm had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $2.75 billion. Equities analysts expect that Ovintiv Inc. will post 6.13 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a $0.30 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.36%. Ovintiv’s dividend payout ratio is currently 15.21%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on OVV. Mizuho restated a “buy” rating and issued a $58.00 price target on shares of Ovintiv in a report on Thursday, April 4th. Morgan Stanley increased their price target on Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Royal Bank of Canada raised their price target on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. UBS Group upped their price objective on Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Finally, Citigroup raised their target price on shares of Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $56.71.

Ovintiv Company 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.