Ovintiv (NYSE:OVV) Sees Large Volume Increase

Ovintiv Inc. (NYSE:OVV) saw strong trading volume on Tuesday . 2,542,247 shares traded hands during trading, a decline of 15% from the previous session’s volume of 2,977,023 shares.The stock last traded at $45.94 and had previously closed at $45.63.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Morgan Stanley boosted their price target on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Jefferies Financial Group boosted their price target on Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a research note on Friday, April 12th. TD Cowen boosted their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Mizuho boosted their price target on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Bank of America reissued a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a research report on Friday, June 14th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.65.

Ovintiv Price Performance

The stock has a fifty day simple moving average of $50.10 and a 200-day simple moving average of $47.29. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. The stock has a market cap of $12.27 billion, a price-to-earnings ratio of 6.42 and a beta of 2.58.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.12. The business had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. As a group, equities research analysts expect that Ovintiv Inc. will post 6.11 EPS for the current year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Friday, June 14th. Ovintiv’s dividend payout ratio is presently 16.76%.

Insider Buying and Selling

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 of the company’s stock, valued at approximately $446,450. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now owns 8,929 shares of the company’s stock, valued at approximately $446,450. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Ovintiv by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after purchasing an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Ovintiv by 6.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock valued at $115,937,000 after buying an additional 168,320 shares in the last quarter. Northern Trust Corp grew its stake in Ovintiv by 4.5% during the third quarter. Northern Trust Corp now owns 2,069,043 shares of the company’s stock worth $98,424,000 after buying an additional 89,753 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Ovintiv by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,676,420 shares of the company’s stock worth $73,628,000 after buying an additional 68,718 shares in the last quarter. Finally, Ceredex Value Advisors LLC bought a new position in shares of Ovintiv in the fourth quarter valued at approximately $67,149,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Company 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.