U.S. Capital Wealth Advisors LLC Lowers Stake in Ovintiv Inc. $OVV

Key Points

• U.S. Capital Wealth Advisors LLC reduced its holdings in Ovintiv Inc. by 76.7% during the second quarter, now owning 11,946 shares worth approximately $455,000.
• Ovintiv reported a missed earnings estimate for the last quarter, with earnings per share at $1.02 versus expectations of $1.04, and revenue at $1.79 billion against a forecast of $1.92 billion.
• The company declared a quarterly dividend of $0.30 per share, amounting to a 2.8% yield, with an ex-dividend date set for September 15th.

U.S. Capital Wealth Advisors LLC cut its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 76.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,946 shares of the company's stock after selling 39,370 shares during the period. U.S. Capital Wealth Advisors LLC's holdings in Ovintiv were worth $455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of OVV. Harbour Investments Inc. boosted its holdings in Ovintiv by 143.8% in the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after buying an additional 542 shares during the period. Gen Wealth Partners Inc lifted its position in shares of Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after acquiring an additional 484 shares in the last quarter. SVB Wealth LLC bought a new position in shares of Ovintiv in the first quarter worth about $48,000. Quent Capital LLC boosted its stake in shares of Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after acquiring an additional 674 shares during the period. Finally, Smartleaf Asset Management LLC grew its position in shares of Ovintiv by 43.4% during 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. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Trading Down 0.2%

OVV opened at $42.70 on Friday. The stock has a 50-day moving average of $40.88 and a 200 day moving average of $38.95. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The firm has a market cap of $10.98 billion, a P/E ratio of 18.89, a P/E/G ratio of 5.50 and a beta of 1.08.

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

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is presently 53.10%.

Analysts Set New Price Targets

A number of research analysts recently commented on OVV shares. Mizuho lowered their price target on Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Barclays raised their target price on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their price target for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Finally, Scotiabank increased their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $52.53.

About Ovintiv

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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