DNB Asset Management AS Has $2.39 Million Stock Holdings in Ovintiv Inc. (NYSE:OVV)

DNB Asset Management AS lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 6.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 50,961 shares of the company’s stock after purchasing an additional 3,180 shares during the quarter. DNB Asset Management AS’s holdings in Ovintiv were worth $2,389,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Ovintiv by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock valued at $1,456,072,000 after buying an additional 1,024,931 shares during the period. Dimensional Fund Advisors LP raised its position in Ovintiv by 6.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock valued at $115,937,000 after purchasing an additional 168,320 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Ovintiv by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,676,420 shares of the company’s stock worth $73,628,000 after purchasing an additional 68,718 shares during the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Ovintiv by 1,560.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after purchasing an additional 1,363,865 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its stake in shares of Ovintiv by 3.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock valued at $63,563,000 after purchasing an additional 44,241 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 2.2 %

NYSE OVV traded up $0.87 during mid-day trading on Tuesday, reaching $40.79. 4,138,957 shares of the stock were exchanged, compared to its average volume of 3,070,728. The stock has a market cap of $10.89 billion, a P/E ratio of 5.70, a P/E/G ratio of 7.30 and a beta of 2.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.52. Ovintiv Inc. has a one year low of $38.99 and a one year high of $55.95. The stock has a 50 day simple moving average of $46.99 and a 200-day simple moving average of $48.19.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. On average, analysts anticipate that Ovintiv Inc. will post 5.69 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.94%. The ex-dividend date is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Bank of America reiterated a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a research report on Friday, June 14th. Scotiabank increased their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Friday, July 12th. Royal Bank of Canada lowered their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a report on Thursday, August 1st. Truist Financial raised their price objective on Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Finally, Barclays started coverage on Ovintiv in a report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 target price for the company. Five investment 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 stock currently has an average rating of “Moderate Buy” and an average target price of $61.06.

Insider Transactions at Ovintiv

In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv 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 completion of the transaction, 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 filing with the SEC, which is accessible through this hyperlink. In other news, Director Howard John Mayson sold 4,000 shares of Ovintiv 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 completion of the transaction, 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 filing with the SEC, which is accessible through this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares of the company’s stock, valued at $446,450. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

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.