Commerce Bank Purchases 403 Shares of Ovintiv Inc. (NYSE:OVV)

Posted by Defense World Staff on Aug 9th, 2023

Commerce Bank increased its position in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,314 shares of the company’s stock after buying an additional 403 shares during the period. Commerce Bank’s holdings in Ovintiv were worth $553,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. New York State Teachers Retirement System boosted its stake 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 worth $1,154,000 after acquiring an additional 250 shares during the last quarter. Outlook Wealth Advisors LLC lifted its stake in Ovintiv by 5.1% in the first quarter. Outlook Wealth Advisors LLC now owns 5,850 shares of the company’s stock valued at $211,000 after buying an additional 284 shares in the last quarter. CWM LLC boosted its holdings in shares of Ovintiv by 22.9% in the fourth quarter. CWM LLC now owns 1,743 shares of the company’s stock valued at $88,000 after buying an additional 325 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Ovintiv by 0.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 50,315 shares of the company’s stock valued at $1,815,000 after buying an additional 399 shares during the period. Finally, Guardian Capital Advisors LP boosted its holdings in shares of Ovintiv by 9.6% in the fourth quarter. Guardian Capital Advisors LP now owns 4,570 shares of the company’s stock valued at $229,000 after buying an additional 400 shares during the period. 76.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Ovintiv news, Director Steven W. Nance sold 1,201 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $48.65, for a total transaction of $58,428.65. Following the sale, the director now directly owns 20,929 shares in the company, valued at $1,018,195.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.91% of the company’s stock.

Ovintiv Price Performance

Shares of OVV opened at $48.74 on Wednesday. The firm has a market capitalization of $13.35 billion, a PE ratio of 3.68, a PEG ratio of 0.59 and a beta of 2.81. The company’s 50-day moving average is $39.31 and its 200-day moving average is $39.68. Ovintiv Inc. has a fifty-two week low of $32.07 and a fifty-two week high of $59.10. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.45 and a quick ratio of 0.45.

Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.91 by $0.02. Ovintiv had a net margin of 28.27% and a return on equity of 16.27%. The business had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.11 billion. Equities analysts forecast that Ovintiv Inc. will post 6.34 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.46%. Ovintiv’s payout ratio is 9.06%.

Analyst Ratings Changes

Several research firms have recently weighed in on OVV. CIBC reduced their price target on shares of Ovintiv from $55.00 to $50.00 in a report on Tuesday, May 23rd. Wells Fargo & Company upped their price target on shares of Ovintiv from $36.00 to $39.00 in a report on Friday, July 7th. UBS Group boosted their price objective on shares of Ovintiv from $46.00 to $47.00 in a research report on Thursday, July 13th. The Goldman Sachs Group initiated coverage on shares of Ovintiv in a research report on Wednesday, July 12th. They issued a “neutral” rating on the stock. Finally, Royal Bank of Canada boosted their price objective on shares of Ovintiv from $46.00 to $47.00 and gave the stock a “sector perform” rating in a research report on Monday, July 31st. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $56.42.

Check Out Our Latest Analysis on OVV

Ovintiv Company Profile

(Free Report)

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. 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.