Avior Wealth Management LLC Grows Holdings in Ovintiv Inc. (NYSE:OVV)

Avior Wealth Management LLC raised its stake in Ovintiv Inc. (NYSE:OVV) by 6.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,397 shares of the company’s stock after buying an additional 636 shares during the period. Avior Wealth Management LLC’s holdings in Ovintiv were worth $457,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Victory Capital Management Inc. increased its stake in Ovintiv by 10.7% in the third quarter. Victory Capital Management Inc. now owns 528,836 shares of the company’s stock valued at $25,157,000 after acquiring an additional 51,261 shares during the last quarter. Toronto Dominion Bank boosted its holdings in shares of Ovintiv by 15.5% in the 3rd quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock worth $36,215,000 after purchasing an additional 101,978 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Ovintiv by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after purchasing an additional 2,484,554 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Ovintiv by 2.5% during the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company’s stock valued at $53,500,000 after buying an additional 27,381 shares in the last quarter. Finally, Comerica Bank bought a new stake in Ovintiv in the 3rd quarter worth approximately $18,097,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Down 0.4 %

Shares of Ovintiv stock opened at $51.53 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. Ovintiv Inc. has a 12-month low of $32.07 and a 12-month high of $55.95. The company has a market cap of $13.86 billion, a P/E ratio of 6.53 and a beta of 2.65. The company’s fifty day simple moving average is $49.81 and its two-hundred day simple moving average is $46.36.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Research analysts anticipate that Ovintiv Inc. will post 6.36 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Thursday, March 14th. Ovintiv’s payout ratio is presently 15.21%.

Insider Activity

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the transaction, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the sale, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Insiders sold a total of 91,564 shares of company stock worth $4,660,818 in the last quarter. 1.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OVV. Barclays began coverage on shares of Ovintiv in a report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price objective for the company. Wells Fargo & Company decreased their price objective on Ovintiv from $46.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 17th. UBS Group boosted their target price on Ovintiv from $62.00 to $69.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Morgan Stanley raised their price target on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, The Goldman Sachs Group lifted their price target on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.71.

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.