ProShare Advisors LLC Cuts Holdings in Ovintiv Inc. (NYSE:OVV)

ProShare Advisors LLC lessened its stake in Ovintiv Inc. (NYSE:OVV) by 4.8% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,739 shares of the company’s stock after selling 588 shares during the quarter. ProShare Advisors LLC’s holdings in Ovintiv were worth $550,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in OVV. American National Bank purchased a new position in Ovintiv in the first quarter worth approximately $27,000. Innealta Capital LLC acquired a new stake in shares of Ovintiv in the 2nd quarter valued at $39,000. Geneos Wealth Management Inc. lifted its position in shares of Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Ovintiv during the fourth quarter worth $68,000. Finally, International Assets Investment Management LLC acquired a new position in shares of Ovintiv during the second quarter worth $69,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on OVV. Truist Financial lowered their price objective on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research report on Monday. Morgan Stanley cut their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday. TD Cowen increased their target price on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, Wolfe Research began coverage on shares of Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Ovintiv Trading Down 0.2 %

Shares of OVV stock opened at $38.31 on Tuesday. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $41.94 and its two-hundred day moving average is $47.09. The company has a market capitalization of $10.10 billion, a P/E ratio of 5.35, a price-to-earnings-growth ratio of 7.23 and a beta of 2.62.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Equities analysts forecast that Ovintiv Inc. will post 5.26 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 3.13%. Ovintiv’s dividend payout ratio is currently 16.76%.

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.