Ovintiv Inc. (NYSE:OVV) Stake Lessened by Russell Investments Group Ltd.

Russell Investments Group Ltd. cut its stake in Ovintiv Inc. (NYSE:OVV) by 15.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 258,244 shares of the company’s stock after selling 45,565 shares during the period. Russell Investments Group Ltd. owned approximately 0.09% of Ovintiv worth $11,344,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Quent Capital LLC boosted its holdings in Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after buying an additional 351 shares in the last quarter. Loomis Sayles & Co. L P boosted its holdings in Ovintiv by 107.6% during the third quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock worth $31,000 after buying an additional 341 shares in the last quarter. Quantbot Technologies LP bought a new stake in Ovintiv during the third quarter worth approximately $38,000. Pacifica Partners Inc. bought a new stake in Ovintiv during the fourth quarter worth approximately $37,000. Finally, Fifth Third Bancorp boosted its holdings in Ovintiv by 42.1% during the third quarter. Fifth Third Bancorp now owns 1,617 shares of the company’s stock worth $77,000 after buying an additional 479 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on OVV shares. 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 for the company. Wells Fargo & Company decreased their price objective on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 17th. National Bankshares decreased their price objective on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, January 10th. Royal Bank of Canada raised their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th. Finally, Morgan Stanley raised their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $56.71.

Insider Activity

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the transaction, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the transaction, the executive vice president now owns 52,557 shares in the company, valued at approximately $2,662,012.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction on Thursday, March 14th. The stock was 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 owns 23,672 shares in the company, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,564 shares of company stock worth $4,660,818. 1.70% of the stock is owned by corporate insiders.

Ovintiv Stock Up 0.9 %

Ovintiv stock opened at $51.54 on Monday. The company has a market capitalization of $13.86 billion, a P/E ratio of 6.53 and a beta of 2.65. The firm’s fifty day simple moving average is $51.59 and its 200-day simple moving average is $46.68. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. Ovintiv Inc. has a 1-year low of $32.07 and a 1-year high of $55.95.

Ovintiv (NYSE:OVV) last released its quarterly 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 business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. Sell-side analysts forecast that Ovintiv Inc. will post 6.13 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.33%. Ovintiv’s dividend payout ratio is currently 15.21%.

Ovintiv Company Profile

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.