Truist Financial Corp raised its holdings in Ovintiv Inc. (NYSE:OVV – Get Rating) by 83.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 18,559 shares of the company’s stock after acquiring an additional 8,467 shares during the quarter. Truist Financial Corp’s holdings in Ovintiv were worth $1,003,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas increased its position in Ovintiv by 4.8% in the 4th quarter. Teacher Retirement System of Texas now owns 110,754 shares of the company’s stock valued at $3,732,000 after acquiring an additional 5,056 shares during the period. Shell Asset Management Co. increased its position in Ovintiv by 12.1% in the 4th quarter. Shell Asset Management Co. now owns 22,627 shares of the company’s stock valued at $763,000 after acquiring an additional 2,450 shares during the period. Patient Capital Management LLC acquired a new position in Ovintiv in the 4th quarter valued at approximately $9,118,000. Fox Run Management L.L.C. acquired a new position in Ovintiv in the 4th quarter valued at approximately $516,000. Finally, Canada Pension Plan Investment Board increased its position in Ovintiv by 539,000.0% in the 4th quarter. Canada Pension Plan Investment Board now owns 53,910 shares of the company’s stock valued at $1,817,000 after acquiring an additional 53,900 shares during the period. 76.96% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
OVV has been the subject of several recent research reports. TD Securities decreased their price target on shares of Ovintiv from $67.00 to $65.00 and set a “buy” rating for the company in a research report on Tuesday, May 10th. Citigroup increased their price objective on shares of Ovintiv from $46.00 to $64.00 in a research report on Tuesday, April 26th. Morgan Stanley decreased their price objective on shares of Ovintiv from $65.00 to $64.00 and set an “overweight” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on shares of Ovintiv from $64.00 to $66.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 13th. Finally, National Bank Financial increased their price objective on shares of Ovintiv from $90.00 to $115.00 in a research report on Thursday, June 16th. One research analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.56.
Ovintiv Stock Down 2.2 %
Shares of NYSE OVV opened at $44.48 on Friday. The firm has a market cap of $11.40 billion, a PE ratio of 10.56, a P/E/G ratio of 0.12 and a beta of 3.13. Ovintiv Inc. has a 12-month low of $21.92 and a 12-month high of $63.30. The company’s fifty day simple moving average is $48.84 and its 200 day simple moving average is $46.97. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 1.02.
Ovintiv (NYSE:OVV – Get Rating) last released its quarterly earnings data on Monday, May 9th. The company reported $2.17 earnings per share for the quarter, missing analysts’ consensus estimates of $2.54 by ($0.37). Ovintiv had a net margin of 9.86% and a return on equity of 60.01%. The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.42 billion. As a group, sell-side analysts forecast that Ovintiv Inc. will post 9.47 earnings per share for the current fiscal year.
Ovintiv Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. This is a positive change from Ovintiv’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, June 14th.
Insider Buying and Selling at Ovintiv
In other Ovintiv news, Director Howard John Mayson sold 550 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $58.28, for a total value of $32,054.00. Following the transaction, the director now directly owns 27,003 shares of the company’s stock, valued at $1,573,734.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Ovintiv news, Director Howard John Mayson sold 550 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $58.28, for a total value of $32,054.00. Following the transaction, the director now directly owns 27,003 shares of the company’s stock, valued at $1,573,734.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Thomas G. Ricks sold 19,231 shares of the firm’s stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $59.50, for a total transaction of $1,144,244.50. Following the completion of the transaction, the director now directly owns 116,269 shares in the company, valued at $6,918,005.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,785 shares of company stock valued at $1,676,509. Corporate insiders own 1.70% of the company’s stock.
About Ovintiv
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company’s principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
Further Reading
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Source: defenseworld.net
