Inspire Investing LLC Lowers Stock Position in Ovintiv Inc. (NYSE:OVV)

Inspire Investing LLC cut its holdings in Ovintiv Inc. (NYSE:OVV) by 67.0% during the third quarter, Holdings Channel reports. The institutional investor owned 7,401 shares of the company’s stock after selling 15,005 shares during the quarter. Inspire Investing LLC’s holdings in Ovintiv were worth $284,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. grew its holdings in Ovintiv by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock worth $631,000 after purchasing an additional 1,416 shares during the period. HighPoint Advisor Group LLC purchased a new stake in shares of Ovintiv in the 4th quarter worth approximately $173,000. CWM LLC increased its position in Ovintiv by 68.4% during the 1st quarter. CWM LLC now owns 5,175 shares of the company’s stock valued at $269,000 after buying an additional 2,102 shares in the last quarter. GAMMA Investing LLC raised its stake in Ovintiv by 7.5% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after buying an additional 220 shares during the last quarter. Finally, Perpetual Ltd bought a new stake in Ovintiv in the first quarter worth $370,000. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on OVV shares. Wells Fargo & Company lowered their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Evercore ISI decreased their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. Finally, Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Price Performance

NYSE OVV opened at $40.79 on Friday. The company has a 50-day moving average price of $41.42 and a 200-day moving average price of $46.20. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $10.75 billion, a P/E ratio of 5.75, a PEG ratio of 8.23 and a beta of 2.61.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. Equities research analysts anticipate that Ovintiv Inc. will post 4.83 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.94%. Ovintiv’s dividend payout ratio is currently 16.93%.

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.