Scotia Capital Inc. boosted its holdings in Ovintiv Inc. (NYSE:OVV – Get Rating) by 100.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 79,278 shares of the company’s stock after acquiring an additional 39,734 shares during the quarter. Scotia Capital Inc.’s holdings in Ovintiv were worth $4,011,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in OVV. Invesco Ltd. increased its position in Ovintiv by 321.3% in the 1st quarter. Invesco Ltd. now owns 2,396,829 shares of the company’s stock valued at $129,597,000 after acquiring an additional 1,827,966 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 63.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock valued at $213,604,000 after acquiring an additional 1,530,397 shares during the period. Mariner LLC boosted its stake in Ovintiv by 3,630.2% during the 1st quarter. Mariner LLC now owns 891,711 shares of the company’s stock valued at $48,216,000 after purchasing an additional 867,806 shares in the last quarter. PointState Capital LP bought a new position in Ovintiv during the 1st quarter valued at $36,263,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new position in Ovintiv during the 4th quarter valued at $32,659,000. 76.76% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Ovintiv
In other Ovintiv news, Director Howard John Mayson sold 3,000 shares of the business’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total value of $136,860.00. Following the completion of the sale, the director now owns 21,403 shares of the company’s stock, valued at $976,404.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.91% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have issued reports on OVV shares. Morgan Stanley decreased their price target on Ovintiv from $51.00 to $47.00 and set an “equal weight” rating for the company in a research note on Monday, March 27th. National Bankshares decreased their price target on Ovintiv from $66.00 to $61.00 and set an “outperform” rating for the company in a research note on Tuesday, April 4th. Royal Bank of Canada decreased their price target on Ovintiv from $57.00 to $55.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 4th. Truist Financial raised their price objective on Ovintiv from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, April 11th. Finally, Evercore ISI reduced their price objective on Ovintiv from $60.00 to $42.00 and set an “in-line” rating for the company in a research note on Tuesday, April 4th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.79.
Ovintiv Stock Performance
Shares of OVV stock opened at $32.08 on Wednesday. Ovintiv Inc. has a 1-year low of $32.07 and a 1-year high of $63.30. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 1.87, a P/E/G ratio of 0.19 and a beta of 2.78. The stock’s fifty day simple moving average is $36.23 and its 200-day simple moving average is $45.11.
Ovintiv (NYSE:OVV – Get Rating) last released its quarterly earnings data on Monday, February 27th. The company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.84). The firm had revenue of $3.21 billion for the quarter, compared to analyst estimates of $2.30 billion. Ovintiv had a net margin of 33.45% and a return on equity of 23.98%. On average, sell-side analysts predict that Ovintiv Inc. will post 8.5 earnings per share for the current fiscal year.
Ovintiv Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be given a dividend of $0.30 per share. This is a boost from Ovintiv’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.74%. Ovintiv’s dividend payout ratio (DPR) is presently 5.84%.
Ovintiv Company Profile
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.