Raymond James Financial Services Advisors Inc. Raises Stake in Ovintiv Inc. (NYSE:OVV)

Raymond James Financial Services Advisors Inc. grew its stake in Ovintiv Inc. (NYSE:OVV – Get Rating) by 9.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 49,916 shares of the company’s stock after purchasing an additional 4,429 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Ovintiv were worth $2,531,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Miller Wealth Advisors LLC boosted its position in 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 in the last quarter. New York State Teachers Retirement System raised its stake in shares of Ovintiv by 1.1% during the 4th quarter. New York State Teachers Retirement System now owns 22,750 shares of the company’s stock worth $1,154,000 after buying an additional 250 shares during the period. Bay Harbor Wealth Management LLC raised its stake in shares of Ovintiv by 43.9% during the 4th quarter. Bay Harbor Wealth Management LLC now owns 967 shares of the company’s stock worth $49,000 after buying an additional 295 shares during the period. Inspire Investing LLC raised its stake in shares of Ovintiv by 4.8% during the 4th quarter. Inspire Investing LLC now owns 6,718 shares of the company’s stock worth $341,000 after buying an additional 308 shares during the period. Finally, CWM LLC raised its stake in shares of Ovintiv by 22.9% during the 4th quarter. CWM LLC now owns 1,743 shares of the company’s stock worth $88,000 after buying an additional 325 shares during the period. Hedge funds and other institutional investors own 76.76% of the company’s stock.

Ovintiv Stock Performance

NYSE OVV opened at $36.13 on Wednesday. The stock has a market cap of $8.83 billion, a PE ratio of 2.11, a P/E/G ratio of 0.20 and a beta of 2.78. 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 twelve month low of $32.07 and a twelve month high of $63.30. The stock has a fifty day simple moving average of $35.77 and a 200-day simple moving average of $44.52.

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

Ovintiv Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.32%. This is a boost from Ovintiv’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, June 14th. Ovintiv’s dividend payout ratio (DPR) is 5.84%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on OVV. Evercore ISI reduced their target price on Ovintiv from $60.00 to $42.00 and set an “in-line” rating for the company in a research note on Tuesday, April 4th. JPMorgan Chase & Co. downgraded Ovintiv from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $59.00 to $53.00 in a research note on Tuesday, March 14th. Wells Fargo & Company reduced their target price on Ovintiv from $40.00 to $36.00 in a research note on Friday, May 12th. Royal Bank of Canada reduced their price objective 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. Finally, Citigroup downgraded Ovintiv from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $55.00 to $38.00 in a research note on Thursday, March 23rd. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average target price of $60.05.

Insider Activity at Ovintiv

In related news, Director Howard John Mayson sold 3,000 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $45.62, for a total transaction of $136,860.00. Following the completion of the transaction, the director now directly owns 21,403 shares in the company, valued at approximately $976,404.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.91% of the stock is currently owned by company insiders.

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.