KLP Kapitalforvaltning AS Sells 41,200 Shares of Ovintiv Inc. $OVV

KLP Kapitalforvaltning AS trimmed its holdings in Ovintiv Inc. (NYSE:OVVFree Report) by 39.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 63,000 shares of the company’s stock after selling 41,200 shares during the period. KLP Kapitalforvaltning AS’s holdings in Ovintiv were worth $2,397,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. DAVENPORT & Co LLC grew its position in Ovintiv by 5.7% in the second quarter. DAVENPORT & Co LLC now owns 18,197 shares of the company’s stock worth $692,000 after acquiring an additional 977 shares in the last quarter. QRG Capital Management Inc. grew its position in Ovintiv by 1.6% in the second quarter. QRG Capital Management Inc. now owns 58,006 shares of the company’s stock worth $2,207,000 after acquiring an additional 901 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Ovintiv by 11.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 241,568 shares of the company’s stock worth $9,192,000 after acquiring an additional 23,968 shares in the last quarter. Dogwood Wealth Management LLC bought a new stake in shares of Ovintiv during the 2nd quarter worth $35,000. Finally, HB Wealth Management LLC boosted its holdings in shares of Ovintiv by 17.8% during the 2nd quarter. HB Wealth Management LLC now owns 6,643 shares of the company’s stock worth $253,000 after buying an additional 1,005 shares during the period. 83.81% of the stock is owned by institutional investors.

Analysts Set New Price Targets

OVV has been the subject of several recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a report on Friday, October 3rd. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the stock an “equal weight” rating in a report on Monday, August 18th. Zacks Research downgraded shares of Ovintiv from a “hold” rating to a “strong sell” rating in a report on Friday, September 26th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ovintiv in a report on Wednesday. Finally, Wells Fargo & Company decreased their price objective on shares of Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a report on Monday, June 16th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

Read Our Latest Stock Analysis on Ovintiv

Ovintiv Price Performance

Shares of Ovintiv stock opened at $36.92 on Friday. The company has a market cap of $9.49 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 5.21 and a beta of 0.97. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The firm has a fifty day moving average price of $40.73 and a two-hundred day moving average price of $38.83. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVVGet Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. Analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Monday, September 15th were paid a $0.30 dividend. The ex-dividend date was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.3%. Ovintiv’s dividend payout ratio is currently 53.10%.

Ovintiv Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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