Cwm LLC Increases Stock Position in Ovintiv Inc. (NYSE:OVV)

Cwm LLC boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 68.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,175 shares of the company’s stock after acquiring an additional 2,102 shares during the quarter. Cwm LLC’s holdings in Ovintiv were worth $269,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of OVV. Vanguard Group Inc. boosted its stake in Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after buying an additional 2,484,554 shares during the period. Ceredex Value Advisors LLC acquired a new stake in shares of Ovintiv during the fourth quarter worth about $67,149,000. Balyasny Asset Management L.P. lifted its position in shares of Ovintiv by 1,560.9% during the fourth 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 in the last quarter. Public Employees Retirement Association of Colorado lifted its position in shares of Ovintiv by 2,602.0% during the fourth 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 in the last quarter. Finally, Comerica Bank acquired a new stake in shares of Ovintiv during the third quarter worth about $18,097,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Transactions at Ovintiv

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

Analysts Set New Price Targets

Several brokerages have recently issued reports on OVV. Jefferies Financial Group increased their price target 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. The Goldman Sachs Group raised their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. Citigroup raised their target price on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Mizuho raised 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. Finally, Morgan Stanley lifted their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.65.

Ovintiv Trading Down 1.2 %

NYSE:OVV opened at $46.05 on Friday. The company has a market capitalization of $12.29 billion, a PE ratio of 6.43 and a beta of 2.58. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. Ovintiv Inc. has a 52-week low of $34.50 and a 52-week high of $55.95. The stock has a fifty day simple moving average of $49.78 and a 200-day simple moving average of $47.34.

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

Ovintiv Dividend Announcement

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

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. 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.