Mercer Global Advisors Inc. ADV Trims Stock Position in Ovintiv Inc. (NYSE:OVV)

Mercer Global Advisors Inc. ADV cut its holdings in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) by 13.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,461 shares of the company’s stock after selling 1,303 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Ovintiv were worth $429,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Belpointe Asset Management LLC purchased a new position in Ovintiv during the fourth quarter worth about $29,000. Miller Wealth Advisors LLC raised its holdings in shares of Ovintiv by 48.2% in the 4th quarter. Miller Wealth Advisors LLC now owns 664 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares during the period. Bay Harbor Wealth Management LLC raised its holdings in shares of Ovintiv by 43.9% in the 4th quarter. Bay Harbor Wealth Management LLC now owns 967 shares of the company’s stock worth $49,000 after purchasing an additional 295 shares during the period. Quent Capital LLC purchased a new position in shares of Ovintiv in the 3rd quarter worth about $58,000. Finally, Point72 Hong Kong Ltd purchased a new position in shares of Ovintiv in the 1st quarter worth about $88,000. 76.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on OVV shares. Citigroup downgraded Ovintiv from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $55.00 to $38.00 in a report on Thursday, March 23rd. National Bankshares cut their price objective on Ovintiv from $66.00 to $61.00 and set an “outperform” rating on the stock in a report on Tuesday, April 4th. BMO Capital Markets downgraded Ovintiv from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $56.00 to $51.00 in a report on Tuesday, March 7th. Truist Financial increased their target price on Ovintiv from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, April 11th. Finally, Royal Bank of Canada lowered their target price on Ovintiv from $57.00 to $55.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 4th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.58.

Insider Transactions at Ovintiv

In other news, Director Howard John Mayson sold 3,000 shares of Ovintiv stock in a transaction that occurred on Thursday, March 2nd. The stock was 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 owns 21,403 shares in the company, valued at approximately $976,404.86. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.91% of the company’s stock.

Ovintiv Price Performance

Shares of OVV opened at $35.20 on Tuesday. The firm has a market cap of $8.61 billion, a price-to-earnings ratio of 2.06, a PEG ratio of 0.20 and a beta of 2.78. The stock has a 50 day moving average of $35.79 and a 200-day moving average of $44.64. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.40. Ovintiv Inc. has a 52 week low of $32.07 and a 52 week high of $63.30.

Ovintiv (NYSE:OVV – Get Rating) last issued its earnings results on Monday, February 27th. The company reported $0.91 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.84). The firm had revenue of $3.21 billion during the quarter, compared to analyst estimates of $2.30 billion. Ovintiv had a return on equity of 23.98% and a net margin of 33.45%. As a group, analysts forecast that Ovintiv Inc. will post 8.31 EPS for the current year.

Ovintiv Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be given a $0.30 dividend. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.41%. Ovintiv’s dividend payout ratio (DPR) is presently 5.84%.

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.