Globeflex Capital L P Sells 9,235 Shares of Ovintiv Inc. (NYSE:OVV)

Globeflex Capital L P reduced its position in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) by 76.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,877 shares of the company’s stock after selling 9,235 shares during the quarter. Globeflex Capital L P’s holdings in Ovintiv were worth $146,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in OVV. Invesco Ltd. raised its holdings in Ovintiv by 321.3% during the 1st quarter. Invesco Ltd. now owns 2,396,829 shares of the company’s stock worth $129,597,000 after purchasing an additional 1,827,966 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of 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 last quarter. Mariner LLC increased its stake in shares of Ovintiv by 3,630.2% in the 1st quarter. Mariner LLC now owns 891,711 shares of the company’s stock valued at $48,216,000 after acquiring an additional 867,806 shares during the last quarter. GW&K Investment Management LLC increased its stake in shares of Ovintiv by 833.7% in the 4th quarter. GW&K Investment Management LLC now owns 842,183 shares of the company’s stock valued at $42,707,000 after acquiring an additional 751,985 shares during the last quarter. Finally, PointState Capital LP bought a new stake in shares of Ovintiv in the 1st quarter valued at about $36,263,000. 76.76% of the stock is owned by institutional investors.

Ovintiv Stock Down 0.3 %

Shares of NYSE OVV traded down $0.12 during trading hours on Friday, hitting $34.28. The company had a trading volume of 270,276 shares, compared to its average volume of 3,345,606. The stock has a market capitalization of $8.38 billion, a P/E ratio of 2.01, a price-to-earnings-growth ratio of 0.31 and a beta of 2.78. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.40. Ovintiv Inc. has a 1-year low of $32.07 and a 1-year high of $63.30. The firm’s 50 day moving average is $35.82 and its 200-day moving average is $44.40.

Ovintiv (NYSE:OVV – Get Rating) last posted its quarterly earnings results on Monday, February 27th. The company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.84). Ovintiv had a net margin of 33.45% and a return on equity of 23.98%. The business had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $2.30 billion. On average, analysts expect that Ovintiv Inc. will post 7.92 earnings per share for the current fiscal year.

Ovintiv Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Wednesday, June 14th. This is a boost from Ovintiv’s previous quarterly dividend of $0.25. Ovintiv’s dividend payout ratio is 5.84%.

Analysts Set New Price Targets

OVV has been the subject of a number of recent analyst reports. Citigroup cut Ovintiv from a “buy” rating to a “neutral” rating and lowered their price target for the company from $55.00 to $38.00 in a research note on Thursday, March 23rd. BMO Capital Markets lowered Ovintiv from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $56.00 to $51.00 in a research report on Tuesday, March 7th. Evercore ISI decreased their price objective on Ovintiv from $60.00 to $42.00 and set an “in-line” rating for the company in a research report on Tuesday, April 4th. National Bankshares decreased their price objective on Ovintiv from $66.00 to $61.00 and set an “outperform” rating for the company in a research report on Tuesday, April 4th. Finally, Truist Financial boosted their price objective on Ovintiv from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, April 11th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.05.

Insider Activity at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 3,000 shares of the stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total transaction of $136,860.00. Following the transaction, the director now owns 21,403 shares in the company, valued at approximately $976,404.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is owned by company insiders.

Ovintiv Company Profile

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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.