Forum Financial Management LP cut its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 24.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 24,410 shares of the company's stock after selling 7,957 shares during the quarter. Forum Financial Management LP's holdings in Ovintiv were worth $1,045,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Napatree Capital LLC raised its holdings in Ovintiv by 22.1% during the first quarter. Napatree Capital LLC now owns 12,265 shares of the company's stock worth $525,000 after buying an additional 2,219 shares during the last quarter. Cullen Frost Bankers Inc. lifted its position in Ovintiv by 65.4% during the first quarter. Cullen Frost Bankers Inc. now owns 1,700 shares of the company's stock valued at $73,000 after purchasing an additional 672 shares during the last quarter. Parcion Private Wealth LLC bought a new stake in shares of Ovintiv in the 1st quarter worth approximately $270,000. CWM LLC increased its stake in shares of Ovintiv by 55.6% in the first quarter. CWM LLC now owns 90,551 shares of the company's stock worth $3,876,000 after buying an additional 32,354 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of Ovintiv by 0.8% during the 1st quarter. Louisiana State Employees Retirement System now owns 72,900 shares of the company's stock valued at $3,120,000 after buying an additional 600 shares in the last quarter. 83.81% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several equities analysts have issued reports on OVV shares. Scotiabank upped their target price on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. Barclays boosted their price target on Ovintiv from $53.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, July 7th. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Wells Fargo & Company lowered their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Finally, Citigroup set a $54.00 price objective on Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $54.47.
Check Out Our Latest Stock Report on OVV
Ovintiv Trading Up 1.8%
Ovintiv stock opened at $40.02 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43. The business's 50-day simple moving average is $38.82 and its 200-day simple moving average is $39.68. The firm has a market capitalization of $10.40 billion, a PE ratio of 17.03, a PEG ratio of 2.18 and a beta of 1.08. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $48.81.
Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Equities research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.
Ovintiv Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. Ovintiv's dividend payout ratio is presently 51.06%.
About Ovintiv
(
Free Report)
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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