Royal Bank of Canada Decreases Position in Ovintiv Inc. $OVV

Royal Bank of Canada trimmed its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 45.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 711,370 shares of the company's stock after selling 599,623 shares during the period. Royal Bank of Canada owned 0.27% of Ovintiv worth $30,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in OVV. Ameriprise Financial Inc. increased its position in shares of Ovintiv by 61.5% in the 4th quarter. Ameriprise Financial Inc. now owns 539,565 shares of the company's stock valued at $21,852,000 after acquiring an additional 205,475 shares during the period. Captrust Financial Advisors grew its position in Ovintiv by 129.1% during the 4th quarter. Captrust Financial Advisors now owns 18,209 shares of the company's stock worth $737,000 after purchasing an additional 10,261 shares during the period. Bridgeway Capital Management LLC acquired a new stake in Ovintiv during the 4th quarter worth about $1,341,000. Cetera Investment Advisers grew its position in Ovintiv by 21.0% during the 4th quarter. Cetera Investment Advisers now owns 29,128 shares of the company's stock worth $1,180,000 after purchasing an additional 5,053 shares during the period. Finally, Colonial Trust Co SC acquired a new stake in Ovintiv during the 4th quarter worth about $28,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. TD Cowen raised Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Morgan Stanley set a $48.00 price target on Ovintiv and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Wells Fargo & Company cut their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Scotiabank increased their price target on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, Barclays increased their price target on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $53.07.

Ovintiv Price Performance

Shares of OVV stock traded down $0.46 during mid-day trading on Friday, hitting $41.91. 2,138,929 shares of the stock were exchanged, compared to its average volume of 2,838,529. The firm has a fifty day moving average of $40.65 and a 200 day moving average of $38.83. 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 Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a market cap of $10.77 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 5.44 and a beta of 1.08.

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

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend 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.