Ovintiv Inc. (NYSE:OVV) Director Sells $600,000.00 in Stock

Ovintiv Inc. (NYSE:OVV - Get Free Report) Director Steven W. Nance sold 12,000 shares of the firm's stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Ovintiv Trading Up 0.4 %

Ovintiv stock traded up $0.20 during trading on Wednesday, hitting $49.98. The company had a trading volume of 2,721,092 shares, compared to its average volume of 3,032,626. The stock has a market cap of $13.34 billion, a price-to-earnings ratio of 6.91 and a beta of 2.64. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. The company's 50 day simple moving average is $51.97 and its 200-day simple moving average is $46.77. Ovintiv Inc. has a 1-year low of $32.07 and a 1-year high of $55.95.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.41. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. As a group, analysts expect that Ovintiv Inc. will post 6.07 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.30 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.40%. Ovintiv's dividend payout ratio (DPR) is 16.76%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OVV. Jefferies Financial Group increased their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the company a "buy" rating in a research report on Friday, April 12th. Morgan Stanley raised their target price on Ovintiv from $49.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Monday, April 15th. The Goldman Sachs Group boosted their price target on Ovintiv from $47.00 to $56.00 and gave the company a "neutral" rating in a research note on Tuesday, March 26th. Royal Bank of Canada lifted their target price on Ovintiv from $48.00 to $49.00 and gave the stock a "sector perform" rating in a report on Thursday, February 29th. Finally, Wells Fargo & Company cut their price target on shares of Ovintiv from $46.00 to $44.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 17th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $57.12.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in OVV. Public Employees Retirement System of Ohio lifted its stake in shares of Ovintiv by 31.2% during the 1st quarter. Public Employees Retirement System of Ohio now owns 157,095 shares of the company's stock worth $8,153,000 after purchasing an additional 37,349 shares during the period. Delap Wealth Advisory LLC acquired a new position in Ovintiv in the first quarter valued at $218,000. Payden & Rygel Investment Group acquired a new stake in Ovintiv in the 1st quarter worth about $156,000. Natixis acquired a new stake in shares of Ovintiv in the first quarter worth approximately $171,000. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Ovintiv during the 1st quarter worth $4,303,000. Institutional investors and hedge funds own 83.81% of the company's stock.

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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