Allspring Global Investments Holdings LLC Boosts Stock Position in Ovintiv Inc. (NYSE:OVV)

Allspring Global Investments Holdings LLC lifted its holdings in Ovintiv Inc. (NYSE:OVVGet Rating) by 114.3% in the third quarter, HoldingsChannel reports. The firm owned 29,983 shares of the company’s stock after purchasing an additional 15,995 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ovintiv were worth $1,379,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of OVV. Bay Harbor Wealth Management LLC purchased a new position in shares of Ovintiv in the second quarter valued at $29,000. Ronald Blue Trust Inc. purchased a new position in Ovintiv during the second quarter worth $31,000. Rosenberg Matthew Hamilton boosted its stake in Ovintiv by 114.3% during the second quarter. Rosenberg Matthew Hamilton now owns 750 shares of the company’s stock worth $33,000 after buying an additional 400 shares during the period. CWM LLC boosted its stake in Ovintiv by 20.1% during the second quarter. CWM LLC now owns 1,460 shares of the company’s stock worth $65,000 after buying an additional 244 shares during the period. Finally, Raleigh Capital Management Inc. purchased a new position in Ovintiv during the second quarter worth $69,000. 76.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Ovintiv news, EVP Renee Ellen Zemljak sold 610 shares of the business’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $55.12, for a total value of $33,623.20. Following the completion of the transaction, the executive vice president now directly owns 71,814 shares in the company, valued at $3,958,387.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ovintiv news, Director Howard John Mayson sold 2,600 shares of the business’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $56.21, for a total value of $146,146.00. Following the completion of the transaction, the director now directly owns 24,403 shares in the company, valued at $1,371,692.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Renee Ellen Zemljak sold 610 shares of the company’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $55.12, for a total transaction of $33,623.20. Following the transaction, the executive vice president now owns 71,814 shares in the company, valued at approximately $3,958,387.68. The disclosure for this sale can be found here. 0.76% of the stock is currently owned by corporate insiders.

Ovintiv Price Performance

OVV stock opened at $50.17 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.51 and a current ratio of 0.51. The business has a 50-day moving average price of $51.55 and a 200 day moving average price of $49.97. Ovintiv Inc. has a 1-year low of $34.41 and a 1-year high of $63.30.

Ovintiv (NYSE:OVVGet Rating) last released its quarterly earnings data on Tuesday, November 8th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.98 by ($0.54). The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $2.52 billion. Ovintiv had a net margin of 29.27% and a return on equity of 53.16%. As a group, equities research analysts anticipate that Ovintiv Inc. will post 8.46 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Thursday, December 15th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, December 14th. This represents a $1.00 dividend on an annualized basis and a yield of 1.99%.

Wall Street Analyst Weigh In

Several research analysts have commented on OVV shares. TheStreet lowered shares of Ovintiv from a “b-” rating to a “c” rating in a research note on Tuesday, November 8th. Mizuho reaffirmed a “buy” rating and set a $68.00 price objective (up from $61.00) on shares of Ovintiv in a research note on Tuesday, January 10th. Siebert Williams Shank assumed coverage on shares of Ovintiv in a research note on Friday, December 9th. They set a “buy” rating and a $75.00 target price for the company. Barclays lowered their target price on shares of Ovintiv from $69.00 to $60.00 and set an “overweight” rating for the company in a research note on Wednesday, December 7th. Finally, Cowen boosted their target price on shares of Ovintiv to $79.00 in a research note on Tuesday, November 15th. Two investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

Ovintiv Profile

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

Further Reading

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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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