Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Ovintiv Inc. (NYSE:OVV)

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Ovintiv Inc. (NYSE:OVV) by 121.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,383 shares of the company’s stock after purchasing an additional 50,152 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Ovintiv were worth $4,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Quent Capital LLC raised its position in shares of Ovintiv by 151.3% during the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after buying an additional 351 shares in the last quarter. Loomis Sayles & Co. L P raised its position in shares of Ovintiv by 107.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock valued at $31,000 after buying an additional 341 shares in the last quarter. Pacifica Partners Inc. purchased a new stake in shares of Ovintiv during the 4th quarter valued at $37,000. Quantbot Technologies LP purchased a new stake in shares of Ovintiv during the 3rd quarter valued at $38,000. Finally, Ronald Blue Trust Inc. raised its position in shares of Ovintiv by 76.6% during the 3rd quarter. Ronald Blue Trust Inc. now owns 1,383 shares of the company’s stock valued at $66,000 after buying an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Activity

In other news, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the sale, the executive vice president now owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the transaction, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the transaction, the executive vice president now directly owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,564 shares of company stock valued at $4,660,818. Corporate insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on OVV shares. Mizuho restated a “buy” rating and set a $58.00 price objective on shares of Ovintiv in a research report on Thursday, April 4th. National Bankshares reduced their target price on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, January 10th. Wells Fargo & Company reduced their target price on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 17th. Barclays started coverage on shares of Ovintiv in a report on Wednesday, April 10th. They set an “overweight” rating and a $69.00 target price on the stock. Finally, Morgan Stanley increased their target price on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $52.18 on Tuesday. The firm has a market cap of $14.03 billion, a PE ratio of 6.61 and a beta of 2.65. Ovintiv Inc. has a 12-month low of $32.07 and a 12-month high of $55.95. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. The company’s fifty day simple moving average is $50.21 and its two-hundred day simple moving average is $46.48.

Ovintiv (NYSE:OVV) last announced its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. As a group, equities analysts expect that Ovintiv Inc. will post 6.36 EPS for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Thursday, March 14th. Ovintiv’s payout ratio is 15.21%.

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.