Janney Montgomery Scott LLC Reduces Stock Position in Ovintiv Inc. (NYSE:OVV)

Janney Montgomery Scott LLC decreased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 22.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,760 shares of the company's stock after selling 7,411 shares during the period. Janney Montgomery Scott LLC's holdings in Ovintiv were worth $1,103,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in OVV. Sanctuary Advisors LLC grew its holdings in Ovintiv by 36.7% during the fourth quarter. Sanctuary Advisors LLC now owns 13,654 shares of the company's stock valued at $599,000 after purchasing an additional 3,663 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Ovintiv by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock worth $118,530,000 after purchasing an additional 8,168 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Ovintiv during the 4th quarter valued at about $768,000. QRG Capital Management Inc. boosted its position in Ovintiv by 4.0% in the fourth quarter. QRG Capital Management Inc. now owns 44,595 shares of the company's stock valued at $1,806,000 after buying an additional 1,703 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake 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 buying an additional 335 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on OVV. Barclays dropped their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. 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 note on Monday, March 24th. JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company dropped their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. Finally, Morgan Stanley reissued an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $54.47.

Ovintiv Trading Up 1.7%

OVV stock traded up $0.67 during mid-day trading on Wednesday, hitting $39.98. 1,513,791 shares of the company were exchanged, compared to its average volume of 3,330,158. The business has a fifty day simple moving average of $37.40 and a 200-day simple moving average of $39.54. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $49.57. The firm has a market capitalization of $10.39 billion, a P/E ratio of 17.01, a PEG ratio of 2.07 and a beta of 1.08. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly 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. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. On average, equities research analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date of this dividend was Friday, June 13th. Ovintiv's dividend payout ratio 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.