Fisher Asset Management LLC Decreases Stock Position in Ovintiv Inc. (NYSE:OVV)

Fisher Asset Management LLC reduced its position in Ovintiv Inc. (NYSE:OVV) by 20.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 814,879 shares of the company’s stock after selling 209,954 shares during the period. Fisher Asset Management LLC’s holdings in Ovintiv were worth $35,790,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in OVV. Vanguard Group Inc. raised its holdings in Ovintiv by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. Ceredex Value Advisors LLC bought a new stake in Ovintiv in the 4th quarter worth approximately $67,149,000. Balyasny Asset Management L.P. grew its position in Ovintiv by 1,560.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after purchasing an additional 1,363,865 shares during the period. Public Employees Retirement Association of Colorado grew its position in Ovintiv by 2,602.0% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock worth $31,410,000 after purchasing an additional 688,690 shares during the period. Finally, Comerica Bank bought a new stake in Ovintiv in the 3rd quarter worth approximately $18,097,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Trading Down 0.4 %

Shares of Ovintiv stock opened at $45.64 on Tuesday. The company has a market capitalization of $12.18 billion, a P/E ratio of 6.37 and a beta of 2.58. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. The company has a fifty day moving average of $50.48 and a 200 day moving average of $47.29. Ovintiv Inc. has a fifty-two week low of $34.50 and a fifty-two week high of $55.95.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.12. The company had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. On average, sell-side analysts anticipate that Ovintiv Inc. will post 6.15 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend is Friday, June 14th. Ovintiv’s payout ratio is currently 16.76%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. The Goldman Sachs Group lifted their target price on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Mizuho lifted their target price on shares of Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. TD Cowen lifted their target price on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Royal Bank of Canada lifted their target price on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 29th. Finally, Jefferies Financial Group lifted their target price on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $58.65.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the sale, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction on 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 owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the sale, the director now owns 45,279 shares in the company, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. Corporate insiders own 0.97% 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. 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.