Ovintiv Inc. $OVV Shares Bought by Comerica Bank

Key Points

• Comerica Bank increased its stake in Ovintiv Inc. by 15.1%, now owning approximately 147,938 shares valued at $6.3 million.
• Shares of Ovintiv opened at $41.96, with a market capitalization of $10.79 billion and a P/E ratio of 18.57.
• The company declared a quarterly dividend of $0.30 per share, resulting in an annualized yield of 2.9%, with a payout ratio of 53.10%.

Comerica Bank lifted its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 15.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 147,938 shares of the company's stock after purchasing an additional 19,439 shares during the period. Comerica Bank owned 0.06% of Ovintiv worth $6,332,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Concurrent Investment Advisors LLC boosted its holdings in shares of Ovintiv by 5.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock worth $239,000 after purchasing an additional 297 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Ovintiv by 43.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after purchasing an additional 349 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Ovintiv by 16.9% during the 1st quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after purchasing an additional 417 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in shares of Ovintiv by 0.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after purchasing an additional 420 shares during the last quarter. Finally, Aberdeen Group plc boosted its holdings in shares of Ovintiv by 5.5% during the 1st quarter. Aberdeen Group plc now owns 9,168 shares of the company's stock worth $392,000 after purchasing an additional 475 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Up 0.5%

OVV traded up $0.20 during trading hours on Monday, reaching $42.17. The company's stock had a trading volume of 2,540,319 shares, compared to its average volume of 2,819,671. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The business's 50-day moving average is $40.06 and its 200-day moving average is $38.91. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The stock has a market cap of $10.84 billion, a PE ratio of 18.66, a P/E/G ratio of 5.35 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. As a group, equities research analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

Analyst Ratings Changes

OVV has been the topic of several recent research reports. Morgan Stanley set a $48.00 target price on Ovintiv and gave the stock an "equal weight" rating in a report on Monday, August 18th. Barclays upped their price objective on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, July 25th. UBS Group upped their price objective on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and upped their price objective for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Finally, TD Cowen upgraded Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Ovintiv presently has an average rating of "Buy" and an average price target of $53.07.

About Ovintiv

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.