Ovintiv Inc. $OVV Shares Sold by Highland Capital Management LLC

Key Points

• Highland Capital Management LLC reduced its stake in Ovintiv Inc. by 30.3%, selling 6,891 shares and holding 15,870 shares valued at $604,000 as per its latest SEC filing.
• Analysts have mixed opinions on Ovintiv, with a consensus rating of "Moderate Buy" and a target price of $52.73, while Zacks Research downgraded it to a "strong sell."
• Ovintiv recently announced a quarterly dividend of $0.30 per share, yielding 3.0% annually, with a payout ratio of 53.10%.

Highland Capital Management LLC decreased its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 30.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,870 shares of the company's stock after selling 6,891 shares during the period. Highland Capital Management LLC's holdings in Ovintiv were worth $604,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in OVV. Dogwood Wealth Management LLC bought a new position in Ovintiv in the 2nd quarter worth approximately $35,000. Harbour Investments Inc. raised its stake in Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after acquiring an additional 542 shares in the last quarter. Gen Wealth Partners Inc boosted its position in Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after acquiring an additional 484 shares during the period. SVB Wealth LLC bought a new position in shares of Ovintiv in the first quarter worth $48,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after purchasing an additional 349 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Royal Bank Of Canada restated a "sector perform" rating and set a $55.00 price objective on shares of Ovintiv in a research note on Friday, September 26th. UBS Group boosted their price target on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Wells Fargo & Company reduced their price target 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. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Zacks Research cut Ovintiv from a "hold" rating to a "strong sell" rating in a report on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $52.73.

Ovintiv Trading Up 1.5%

Shares of NYSE OVV opened at $40.15 on Monday. The business has a fifty day simple moving average of $40.99 and a 200-day simple moving average of $38.93. The company has a market cap of $10.32 billion, a price-to-earnings ratio of 17.76, a P/E/G ratio of 5.19 and a beta of 0.97. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. Sell-side analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, September 15th. Ovintiv's payout ratio is presently 53.10%.

Ovintiv Company 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.

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