Ovintiv Inc. (NYSE:OVV) Position Cut by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. lowered its position in shares of Ovintiv Inc. (NYSE:OVVFree Report) by 24.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 1,534 shares of the company’s stock after selling 500 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Ovintiv were worth $67,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of OVV. Quent Capital LLC increased its stake in Ovintiv by 151.3% during the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after buying an additional 351 shares during the period. Loomis Sayles & Co. L P grew its stake in Ovintiv by 107.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock valued at $31,000 after acquiring an additional 341 shares in the last quarter. Avalon Trust Co purchased a new stake in shares of Ovintiv in the fourth quarter worth approximately $34,000. Pacifica Partners Inc. acquired a new stake in shares of Ovintiv during the 4th quarter valued at $37,000. Finally, Creekmur Asset Management LLC acquired a new stake in shares of Ovintiv in the fourth quarter worth $68,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of OVV traded up $0.31 on Tuesday, hitting $45.94. The company’s stock had a trading volume of 2,542,247 shares, compared to its average volume of 2,977,023. The company has a market capitalization of $12.27 billion, a PE ratio of 6.37 and a beta of 2.58. Ovintiv Inc. has a fifty-two week low of $34.50 and a fifty-two week high of $55.95. The company has a 50 day moving average price of $50.48 and a 200 day moving average price of $47.29. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVVGet Free Report) last announced its earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.32 by $0.12. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. The company had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. On average, research analysts anticipate that Ovintiv Inc. will post 6.15 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.61%. Ovintiv’s payout ratio is 16.76%.

Insider Activity

In other news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares of the company’s stock, valued at approximately $446,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the sale, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The disclosure for this sale can be found here. 0.97% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Morgan Stanley boosted their target price on shares of Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Mizuho increased their target price on shares of Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. TD Cowen upped their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Citigroup lifted their price objective on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Royal Bank of Canada upped their target price on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $58.65.

Get Our Latest Report on OVV

Ovintiv Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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