Allspring Global Investments Holdings LLC Cuts Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Allspring Global Investments Holdings LLC reduced its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 30.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,503 shares of the company's stock after selling 8,688 shares during the period. Allspring Global Investments Holdings LLC's holdings in Ovintiv were worth $856,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Colonial Trust Co SC purchased a new position in Ovintiv during the fourth quarter worth about $28,000. Smartleaf Asset Management LLC raised its holdings in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Optiver Holding B.V. purchased a new position in Ovintiv during the fourth quarter worth about $40,000. Mizuho Bank Ltd. purchased a new position in Ovintiv in the fourth quarter valued at about $40,000. Finally, Quent Capital LLC increased its holdings in Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after buying an additional 674 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on OVV. Citigroup set a $54.00 target price on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Mizuho dropped their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and increased their target price for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Barclays increased their target price on shares of Ovintiv from $53.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a report on Tuesday, April 15th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $54.47.

Ovintiv Trading Up 2.5%

NYSE OVV traded up $1.02 during mid-day trading on Friday, reaching $41.93. 3,424,169 shares of the stock were exchanged, compared to its average volume of 3,357,076. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $49.57. The business's fifty day simple moving average is $38.36 and its 200 day simple moving average is $39.64. The stock has a market capitalization of $10.89 billion, a PE ratio of 7.16, a PEG ratio of 2.36 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 announced its earnings results 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. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. On average, research analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.86%. Ovintiv's dividend payout ratio (DPR) is currently 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.