Mercer Global Advisors Inc. ADV Lowers Position in Ovintiv Inc. (NYSE:OVV)

Posted by Defense World Staff on May 23rd, 2023

Mercer Global Advisors Inc. ADV cut its holdings in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) by 13.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,461 shares of the company’s stock after selling 1,303 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Ovintiv were worth $429,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Miller Wealth Advisors LLC grew its holdings in shares of Ovintiv by 48.2% during the 4th quarter. Miller Wealth Advisors LLC now owns 664 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares during the period. New York State Teachers Retirement System boosted its holdings in Ovintiv by 1.1% during the 4th quarter. New York State Teachers Retirement System now owns 22,750 shares of the company’s stock valued at $1,154,000 after acquiring an additional 250 shares during the period. Bay Harbor Wealth Management LLC boosted its holdings in Ovintiv by 43.9% during the 4th quarter. Bay Harbor Wealth Management LLC now owns 967 shares of the company’s stock valued at $49,000 after acquiring an additional 295 shares during the period. Inspire Investing LLC boosted its holdings in Ovintiv by 4.8% during the 4th quarter. Inspire Investing LLC now owns 6,718 shares of the company’s stock valued at $341,000 after acquiring an additional 308 shares during the period. Finally, CWM LLC boosted its holdings in Ovintiv by 22.9% during the 4th quarter. CWM LLC now owns 1,743 shares of the company’s stock valued at $88,000 after acquiring an additional 325 shares during the period. 76.76% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

OVV stock opened at $35.20 on Tuesday. The business has a 50 day moving average price of $35.79 and a 200 day moving average price of $44.64. The stock has a market cap of $8.61 billion, a price-to-earnings ratio of 2.06, a PEG ratio of 0.20 and a beta of 2.78. Ovintiv Inc. has a fifty-two week low of $32.07 and a fifty-two week high of $63.30. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.40.

Ovintiv (NYSE:OVV – Get Rating) last posted its earnings results on Monday, February 27th. The company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.84). Ovintiv had a return on equity of 23.98% and a net margin of 33.45%. The business had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $2.30 billion. Equities research analysts anticipate that Ovintiv Inc. will post 8.31 earnings per share for the current fiscal year.

Ovintiv Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.41%. This is a boost from Ovintiv’s previous quarterly dividend of $0.25. Ovintiv’s payout ratio is currently 5.84%.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, Director Howard John Mayson sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total value of $136,860.00. Following the completion of the sale, the director now owns 21,403 shares in the company, valued at $976,404.86. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.91% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently commented on OVV. Morgan Stanley lowered their target price on Ovintiv from $51.00 to $47.00 and set an “equal weight” rating for the company in a report on Monday, March 27th. Citigroup cut Ovintiv from a “buy” rating to a “neutral” rating and lowered their target price for the company from $55.00 to $38.00 in a report on Thursday, March 23rd. Mizuho lowered their target price on Ovintiv from $66.00 to $62.00 in a report on Friday. Evercore ISI lowered their target price on Ovintiv from $60.00 to $42.00 and set an “in-line” rating for the company in a report on Tuesday, April 4th. Finally, Wells Fargo & Company decreased their price objective on Ovintiv from $40.00 to $36.00 in a research note on Friday, May 12th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.58.

Ovintiv Profile

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.