Ovintiv Inc. $OVV Holdings Lifted by NewEdge Advisors LLC

NewEdge Advisors LLC lifted its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 40.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,982 shares of the company's stock after purchasing an additional 25,153 shares during the quarter. NewEdge Advisors LLC's holdings in Ovintiv were worth $4,580,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Arizona State Retirement System raised its holdings in shares of Ovintiv by 0.5% during the 2nd quarter. Arizona State Retirement System now owns 78,181 shares of the company's stock valued at $4,116,000 after purchasing an additional 358 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of Ovintiv by 21.2% during the 2nd quarter. Parkside Financial Bank & Trust now owns 2,682 shares of the company's stock worth $141,000 after buying an additional 470 shares during the period. Corient Private Wealth LP grew its stake in Ovintiv by 3.5% in the 2nd quarter. Corient Private Wealth LP now owns 205,946 shares of the company's stock valued at $10,843,000 after buying an additional 6,900 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Ovintiv in the 2nd quarter worth $3,462,000. Finally, California State Teachers Retirement System boosted its holdings in Ovintiv by 5,195.6% during the second quarter. California State Teachers Retirement System now owns 17,347,859 shares of the company's stock valued at $913,365,000 after acquiring an additional 17,020,269 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Ovintiv

In related news, EVP Rachel Moore sold 7,753 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the sale, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.85% of the company's stock.

Ovintiv Price Performance

Shares of OVV stock opened at $65.30 on Tuesday. The firm has a market capitalization of $17.99 billion, a price-to-earnings ratio of 18.45 and a beta of 0.53. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.51. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The firm has a fifty day moving average of $61.92 and a 200-day moving average of $58.28.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. On average, equities research analysts forecast that Ovintiv Inc. will post 7.3 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. Ovintiv's payout ratio is currently 33.90%.

Analysts Set New Price Targets

OVV has been the topic of a number of research analyst reports. Citigroup raised their target price on Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, July 29th. Royal Bank Of Canada raised their price target on shares of Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Seaport Research Partners began coverage on shares of Ovintiv in a research report on Thursday, September 3rd. They set a "neutral" rating for the company. Wall Street Zen raised Ovintiv from a "hold" rating to a "buy" rating in a report on Saturday, July 25th. Finally, Morgan Stanley set a $67.00 target price on Ovintiv in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $68.75.

About Ovintiv

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company's principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta's Montney and Duvernay formations.

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