Ovintiv Inc. (NYSE:OVV) Shares Sold by Forum Financial Management LP

Forum Financial Management LP decreased its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 24.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 24,410 shares of the company's stock after selling 7,957 shares during the period. Forum Financial Management LP's holdings in Ovintiv were worth $1,045,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Ovintiv by 2.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock valued at $412,000 after buying an additional 276 shares in the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of Ovintiv by 5.6% in the 1st quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock valued at $239,000 after buying an additional 297 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Ovintiv by 0.4% during the 4th quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock valued at $2,837,000 after purchasing an additional 310 shares during the last quarter. UMB Bank n.a. raised its stake in Ovintiv by 16.9% in the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock valued at $124,000 after buying an additional 417 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its position in shares of Ovintiv by 0.6% in the 1st quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock valued at $2,962,000 after purchasing an additional 420 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of research analyst reports. Scotiabank lifted their target price on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Barclays lifted their price objective on shares of Ovintiv from $53.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, July 7th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $53.81.

Ovintiv Stock Performance

NYSE:OVV traded down $1.17 during trading hours on Monday, reaching $38.89. The stock had a trading volume of 3,454,062 shares, compared to its average volume of 3,366,220. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $48.35. The stock has a 50 day simple moving average of $38.90 and a 200 day simple moving average of $39.66. The stock has a market cap of $10.10 billion, a P/E ratio of 16.55, a price-to-earnings-growth ratio of 2.22 and a beta of 1.08. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. The firm had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. On average, research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date was Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is 51.06%.

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.