TD Asset Management Inc Acquires Shares of 35,946 Ovintiv Inc. (NYSE:OVV)

TD Asset Management Inc acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) during the fourth quarter, Holdings Channel reports. The fund acquired 35,946 shares of the company’s stock, valued at approximately $1,823,000.

A number of other large investors have also recently added to or reduced their stakes in the stock. Engineers Gate Manager LP lifted its position in shares of Ovintiv by 62.9% in the 3rd quarter. Engineers Gate Manager LP now owns 21,855 shares of the company’s stock worth $1,005,000 after buying an additional 8,435 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Ovintiv in the 3rd quarter worth about $143,000. Veriti Management LLC lifted its position in shares of Ovintiv by 5.2% in the 3rd quarter. Veriti Management LLC now owns 5,602 shares of the company’s stock worth $258,000 after buying an additional 276 shares during the last quarter. Harbour Capital Advisors LLC lifted its position in shares of Ovintiv by 77.3% in the 4th quarter. Harbour Capital Advisors LLC now owns 9,529 shares of the company’s stock worth $448,000 after buying an additional 4,154 shares during the last quarter. Finally, Keybank National Association OH lifted its position in shares of Ovintiv by 63.2% in the 4th quarter. Keybank National Association OH now owns 14,584 shares of the company’s stock worth $740,000 after buying an additional 5,647 shares during the last quarter. 76.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 3,000 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $45.62, for a total value of $136,860.00. Following the completion of the transaction, the director now directly owns 21,403 shares in the company, valued at $976,404.86. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.91% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on OVV shares. Barclays cut their price objective on shares of Ovintiv from $60.00 to $56.00 and set an “overweight” rating on the stock in a research report on Monday, January 23rd. BMO Capital Markets downgraded shares of Ovintiv from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $56.00 to $51.00 in a research report on Tuesday, March 7th. Wells Fargo & Company downgraded shares of Ovintiv from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $64.00 to $40.00 in a research report on Monday, April 17th. Royal Bank of Canada cut their price objective on shares of Ovintiv from $57.00 to $55.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 4th. Finally, TD Cowen cut their price objective on shares of Ovintiv from $79.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 5th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $61.14.

Ovintiv Stock Performance

Shares of OVV opened at $34.97 on Tuesday. The firm’s 50 day moving average is $37.56 and its 200-day moving average is $45.85. The stock has a market capitalization of $8.50 billion, a P/E ratio of 2.46, a P/E/G ratio of 0.13 and a beta of 2.78. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.61 and a quick ratio of 0.61. Ovintiv Inc. has a 12-month low of $32.26 and a 12-month high of $63.30.

Ovintiv (NYSE:OVV – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.84). The business had revenue of $3.21 billion during the quarter, compared to analyst estimates of $2.30 billion. Ovintiv had a return on equity of 28.85% and a net margin of 29.18%. Equities research analysts anticipate that Ovintiv Inc. will post 9.03 EPS for the current fiscal year.

Ovintiv Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.43%. This is a boost from Ovintiv’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, June 14th. Ovintiv’s dividend payout ratio (DPR) is presently 7.04%.

Ovintiv Company 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.