GAMMA Investing LLC Sells 297 Shares of Ovintiv Inc. (NYSE:OVV)

GAMMA Investing LLC decreased its stake in Ovintiv Inc. (NYSE:OVV) by 8.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,387 shares of the company’s stock after selling 297 shares during the quarter. GAMMA Investing LLC’s holdings in Ovintiv were worth $130,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in OVV. Covestor Ltd raised its position in shares of Ovintiv by 23.1% in the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after acquiring an additional 293 shares during the period. Geneos Wealth Management Inc. boosted its position in shares of Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after buying an additional 347 shares during the period. Cetera Investment Advisers increased its position in shares of Ovintiv by 1.0% in the 2nd quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock valued at $1,756,000 after buying an additional 353 shares in the last quarter. Finally, Signaturefd LLC raised its stake in Ovintiv by 2.1% during the 2nd quarter. Signaturefd LLC now owns 18,288 shares of the company’s stock worth $857,000 after buying an additional 376 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 0.8 %

NYSE OVV opened at $43.13 on Friday. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average of $41.41 and a 200-day moving average of $46.57. The company has a market cap of $11.37 billion, a PE ratio of 6.08, a PEG ratio of 8.02 and a beta of 2.61.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. On average, equities research analysts anticipate that Ovintiv Inc. will post 4.9 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.78%. Ovintiv’s dividend payout ratio is 16.93%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OVV. Scotiabank increased their price target on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Wolfe Research initiated coverage on shares of Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 target price on the stock. Truist Financial reduced their price target on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a report on Monday, September 30th. Citigroup dropped their price objective on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, October 7th. Finally, Wells Fargo & Company reduced their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

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.