Cibc World Markets Corp Invests $756,000 in Ovintiv Inc. (NYSE:OVV)

Cibc World Markets Corp purchased a new position in Ovintiv Inc. (NYSE:OVVFree Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 17,222 shares of the company’s stock, valued at approximately $756,000.

Several other large investors have also recently made changes to their positions in OVV. Vanguard Group Inc. raised its position in shares of Ovintiv by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares in the last quarter. Ceredex Value Advisors LLC acquired a new position in Ovintiv during the 4th quarter valued at about $67,149,000. Public Employees Retirement Association of Colorado increased its position in Ovintiv by 2,602.0% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after buying an additional 688,690 shares in the last quarter. FMR LLC increased its position in Ovintiv by 2.3% during the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company’s stock valued at $1,088,289,000 after buying an additional 507,562 shares in the last quarter. Finally, Comerica Bank acquired a new position in Ovintiv during the 3rd quarter valued at about $18,097,000. 83.81% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 23,672 shares in the company, valued at $1,206,325.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred 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 directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 92,264 shares of company stock worth $4,690,973. 0.97% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Citigroup upped their target price on Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Mizuho boosted their price target on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Barclays began coverage on Ovintiv in a research note on Wednesday, April 10th. They set an “overweight” rating and a $69.00 price target on the stock. TD Cowen boosted their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Finally, Royal Bank of Canada boosted their price target on Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.06.

Read Our Latest Stock Analysis on OVV

Ovintiv Stock Up 1.8 %

Shares of OVV opened at $48.51 on Tuesday. Ovintiv Inc. has a 52 week low of $34.50 and a 52 week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $12.95 billion, a price-to-earnings ratio of 6.78 and a beta of 2.58. The stock’s 50-day moving average price is $51.21 and its 200-day moving average price is $47.19.

Ovintiv (NYSE:OVVGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. On average, sell-side analysts predict that Ovintiv Inc. will post 6.15 EPS for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.47%. Ovintiv’s dividend payout ratio is currently 16.76%.

Ovintiv Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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