Cwm LLC Sells 70,031 Shares of Ovintiv Inc. $OVV

Key Points

• Cwm LLC reduced its stake in Ovintiv Inc. by 77.3%, selling 70,031 shares, leaving it with 20,520 shares valued at $781,000.
• Other investors like Atlas Capital Advisors and BNP Paribas increased their stakes significantly in Ovintiv, highlighting strong institutional interest.
• Ovintiv reported a missed earnings estimate for the last quarter, with earnings per share of $1.02 against an expectation of $1.04, alongside a revenue of $1.79 billion compared to a consensus of $1.92 billion.

Cwm LLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 77.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,520 shares of the company's stock after selling 70,031 shares during the quarter. Cwm LLC's holdings in Ovintiv were worth $781,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Atlas Capital Advisors Inc. grew its position in Ovintiv by 1,681.1% during the first quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company's stock valued at $594,000 after buying an additional 13,096 shares during the period. BNP Paribas Financial Markets grew its position in Ovintiv by 54.3% during the first quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company's stock valued at $41,211,000 after buying an additional 338,866 shares during the period. Raymond James Financial Inc. boosted its position in shares of Ovintiv by 204.2% in the first quarter. Raymond James Financial Inc. now owns 583,839 shares of the company's stock worth $24,988,000 after purchasing an additional 391,923 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after purchasing an additional 7,344,796 shares during the period. Finally, Lifestyle Asset Management Inc. boosted its position in shares of Ovintiv by 46.8% in the second quarter. Lifestyle Asset Management Inc. now owns 28,170 shares of the company's stock worth $1,072,000 after purchasing an additional 8,987 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $36.53 on Thursday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The firm has a fifty day moving average price of $40.28 and a 200 day moving average price of $38.59. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The firm has a market cap of $9.39 billion, a price-to-earnings ratio of 16.16, a P/E/G ratio of 5.32 and a beta of 0.97.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share 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 company had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. As a group, sell-side analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

OVV has been the subject of a number of recent analyst reports. Scotiabank upped their price target on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and upped their price target for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Roth Capital initiated coverage on shares of Ovintiv in a research report on Monday, October 13th. They issued a "neutral" rating and a $42.00 price target for the company. Barclays dropped their price target on shares of Ovintiv from $57.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Finally, Citigroup set a $54.00 price target on shares of Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ovintiv has a consensus rating of "Moderate Buy" and an average target price of $51.47.

Ovintiv Profile

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.

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