Ovintiv Inc. $OVV Stock Holdings Lowered by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS has reduced its holdings in Ovintiv Inc. by 39.5%, owning 63,000 shares valued at $2.4 million after selling 41,200 shares in the second quarter.
• Ovintiv's stock is down 5.7%, trading at $36.92, with a market cap of $9.49 billion, and a recent earnings report revealed a miss on earnings estimates.
• The company announced a quarterly dividend of $0.30 per share, representing an annualized yield of 3.3% and a payout ratio of 53.10%.

KLP Kapitalforvaltning AS reduced its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 39.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,000 shares of the company's stock after selling 41,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Ovintiv were worth $2,397,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Dogwood Wealth Management LLC bought a new stake in shares of Ovintiv in the 2nd quarter worth approximately $35,000. Harbour Investments Inc. raised its holdings in shares of Ovintiv by 143.8% in the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after purchasing an additional 542 shares in the last quarter. Gen Wealth Partners Inc raised its holdings in shares of Ovintiv by 91.8% in the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after purchasing an additional 484 shares in the last quarter. SVB Wealth LLC bought a new stake in shares of Ovintiv in the 1st quarter worth approximately $48,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Ovintiv by 43.4% in the 1st 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. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Down 5.7%

Ovintiv stock opened at $36.92 on Friday. The firm has a market cap of $9.49 billion, a PE ratio of 16.34, a P/E/G ratio of 5.21 and a beta of 0.97. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The firm's 50 day moving average price is $40.73 and its two-hundred day moving average price is $38.83. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. On average, research analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, September 15th. Ovintiv's dividend payout ratio is currently 53.10%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their price target on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Zacks Research lowered shares of Ovintiv from a "hold" rating to a "strong sell" rating in a report on Friday, September 26th. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $50.00 to $47.00 and set an "overweight" rating on the stock in a report on Friday, October 3rd. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, Barclays cut their price target on shares of Ovintiv from $57.00 to $55.00 and set an "overweight" rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $52.00.

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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