Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 5.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 132,886 shares of the company’s stock after selling 7,486 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Ovintiv worth $4,795,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Belpointe Asset Management LLC bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $29,000. ICA Group Wealth Management LLC bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $41,000. OLD Mission Capital LLC bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $45,000. Exos TFP Holdings LLC bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $46,000. Finally, Harbour Investments Inc. grew its stake in shares of Ovintiv by 124.6% during the fourth quarter. Harbour Investments Inc. now owns 923 shares of the company’s stock valued at $47,000 after buying an additional 512 shares during the last quarter. Institutional investors own 76.31% of the company’s stock.
Insider Activity
In other news, Director Steven W. Nance sold 1,201 shares of the stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $48.65, for a total transaction of $58,428.65. Following the completion of the sale, the director now owns 20,929 shares in the company, valued at approximately $1,018,195.85. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company’s stock.
Ovintiv Stock Up 1.0 %
Ovintiv (NYSE:OVV – Get Free Report) last issued its quarterly earnings data 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 return on equity of 16.27% and a net margin of 28.27%. The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.11 billion. As a group, analysts expect that Ovintiv Inc. will post 6.34 EPS for the current fiscal year.
Ovintiv Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.47%. Ovintiv’s dividend payout ratio is presently 9.06%.
Analyst Upgrades and Downgrades
OVV has been the topic of a number of analyst reports. UBS Group upped their target price on Ovintiv from $46.00 to $47.00 in a research note on Thursday, July 13th. The Goldman Sachs Group began coverage on Ovintiv in a research note on Wednesday, July 12th. They issued a “neutral” rating on the stock. Truist Financial increased their price objective on Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a research note on Monday, July 31st. Mizuho dropped their price objective on Ovintiv from $66.00 to $62.00 in a research note on Friday, May 19th. Finally, Citigroup increased their price objective on Ovintiv from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 1st. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.42.
Read Our Latest Research Report on Ovintiv
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. 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.
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