Park Avenue Securities LLC Raises Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Park Avenue Securities LLC boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 41.7% in the first quarter, Holdings Channel.com reports. The fund owned 7,529 shares of the company’s stock after acquiring an additional 2,214 shares during the quarter. Park Avenue Securities LLC’s holdings in Ovintiv were worth $391,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Quent Capital LLC boosted its stake in shares of Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after purchasing an additional 351 shares during the period. American National Bank purchased a new stake in Ovintiv in the 1st quarter valued at about $27,000. Avalon Trust Co purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $34,000. Pacifica Partners Inc. bought a new stake in shares of Ovintiv during the fourth quarter valued at approximately $37,000. Finally, Creekmur Asset Management LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $68,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of NYSE OVV opened at $46.87 on Friday. Ovintiv Inc. has a fifty-two week low of $36.27 and a fifty-two week high of $55.95. 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 market cap of $12.51 billion, a PE ratio of 6.55 and a beta of 2.58. The business has a 50-day simple moving average of $49.24 and a two-hundred day simple moving average of $47.48.

Ovintiv (NYSE:OVV) last released 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. 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. As a group, equities analysts expect that Ovintiv Inc. will post 6.11 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.56%. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Analyst Ratings Changes

Several research firms have commented on OVV. Citigroup raised their price objective on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Barclays started coverage on Ovintiv in a report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price objective for the company. 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. TD Cowen boosted their price target on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Finally, Bank of America reiterated a “neutral” rating and set a $55.00 price objective on shares of Ovintiv in a research note on Friday, June 14th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $58.65.

Insiders Place Their Bets

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

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.