Wedmont Private Capital Takes $247,000 Position in Ovintiv Inc. (NYSE:OVV)

Wedmont Private Capital purchased a new stake in Ovintiv Inc. (NYSE:OVV) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 4,441 shares of the company’s stock, valued at approximately $247,000.

Several other hedge funds have also made changes to their positions in the company. Polianta Ltd purchased a new stake in shares of Ovintiv in the 1st quarter valued at approximately $1,188,000. Perpetual Ltd acquired a new position in shares of Ovintiv in the 1st quarter worth approximately $370,000. GAMMA Investing LLC lifted its holdings in shares of Ovintiv by 7.5% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after acquiring an additional 220 shares during the last quarter. CWM LLC lifted its holdings in shares of Ovintiv by 68.4% in the 1st quarter. CWM LLC now owns 5,175 shares of the company’s stock worth $269,000 after acquiring an additional 2,102 shares during the last quarter. Finally, Modus Advisors LLC lifted its holdings in shares of Ovintiv by 3.0% in the 1st quarter. Modus Advisors LLC now owns 101,829 shares of the company’s stock worth $5,285,000 after acquiring an additional 2,922 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Down 1.2 %

NYSE OVV opened at $46.05 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The firm’s fifty day moving average price is $49.78 and its 200 day moving average price is $47.34. The company has a market capitalization of $12.29 billion, a price-to-earnings ratio of 6.43 and a beta of 2.58. Ovintiv Inc. has a 12 month low of $34.50 and a 12 month high of $55.95.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data 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. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. On average, sell-side analysts expect that Ovintiv Inc. will post 6.11 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

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

Insider Transactions at Ovintiv

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Jefferies Financial Group upped their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Royal Bank of Canada upped their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. The Goldman Sachs Group increased their target price on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. Finally, Citigroup increased their target price on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $58.65.

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.