Great Lakes Advisors LLC trimmed its position in Ovintiv Inc. (NYSE:OVV – Free Report) by 97.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,899 shares of the company’s stock after selling 228,261 shares during the quarter. Great Lakes Advisors LLC’s holdings in Ovintiv were worth $249,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of OVV. Smead Capital Management Inc. purchased a new stake in shares of Ovintiv in the fourth quarter worth about $201,837,000. Invesco Ltd. raised its holdings in shares of Ovintiv by 321.3% in the 1st quarter. Invesco Ltd. now owns 2,396,829 shares of the company’s stock valued at $129,597,000 after acquiring an additional 1,827,966 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Ovintiv by 63.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock valued at $213,604,000 after acquiring an additional 1,530,397 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Ovintiv by 73.0% during the first quarter. Pacer Advisors Inc. now owns 2,707,060 shares of the company’s stock worth $97,671,000 after purchasing an additional 1,142,624 shares in the last quarter. Finally, Mariner LLC increased its position in shares of Ovintiv by 3,630.2% in the first quarter. Mariner LLC now owns 891,711 shares of the company’s stock worth $48,216,000 after purchasing an additional 867,806 shares during the last quarter. 76.31% of the stock is owned by hedge funds and other institutional investors.
Ovintiv Trading Down 1.1 %
OVV opened at $47.65 on Wednesday. Ovintiv Inc. has a one year low of $32.07 and a one year 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. The business has a 50 day simple moving average of $41.93 and a two-hundred day simple moving average of $39.58. The firm has a market capitalization of $13.05 billion, a price-to-earnings ratio of 3.60, a PEG ratio of 0.58 and a beta of 2.81.
Ovintiv Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a $0.30 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.52%. Ovintiv’s dividend payout ratio is 9.06%.
Analyst Ratings Changes
OVV has been the subject of a number of research reports. UBS Group boosted their price target on shares of Ovintiv from $47.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Evercore ISI reduced their target price on Ovintiv from $42.00 to $39.00 in a research note on Monday, July 10th. Citigroup raised their price target on Ovintiv from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Tuesday, August 1st. Wells Fargo & Company upped their price objective on Ovintiv from $36.00 to $39.00 in a report on Friday, July 7th. Finally, The Goldman Sachs Group assumed coverage on Ovintiv in a report on Wednesday, July 12th. They set a “neutral” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.47.
Get Our Latest Research Report on Ovintiv
Insider Activity
In other Ovintiv news, Director Steven W. Nance sold 1,201 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $48.65, for a total value of $58,428.65. Following the completion of 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.91% of the company’s stock.
Ovintiv 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. 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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