HighPoint Advisor Group LLC Purchases New Position in Ovintiv Inc. (NYSE:OVV)

HighPoint Advisor Group LLC acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,938 shares of the company’s stock, valued at approximately $173,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in OVV. Quent Capital LLC lifted its holdings in shares of Ovintiv by 151.3% in the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after acquiring an additional 351 shares during the last quarter. Avalon Trust Co purchased a new position in shares of Ovintiv during the fourth quarter valued at approximately $34,000. Pacifica Partners Inc. bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $37,000. Creekmur Asset Management LLC bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $68,000. Finally, Blue Trust Inc. raised its holdings in shares of Ovintiv by 20.5% in the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after buying an additional 284 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

OVV has been the topic of a number of recent analyst reports. The Goldman Sachs Group increased their target price on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Bank of America restated a “neutral” rating and issued a $55.00 target price on shares of Ovintiv in a research note on Friday, June 14th. Citigroup lifted their price target on shares of Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Royal Bank of Canada increased their price objective on 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 lifted their target price on Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $58.65.

Ovintiv Price Performance

OVV opened at $46.05 on Friday. The stock’s 50-day moving average price is $49.78 and its 200 day moving average price is $47.34. Ovintiv Inc. has a 12-month low of $34.50 and a 12-month high of $55.95. The firm has a market cap of $12.29 billion, a price-to-earnings ratio of 6.43 and a beta of 2.58. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. As a group, sell-side analysts expect that Ovintiv Inc. will post 6.11 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Friday, June 14th. Ovintiv’s dividend payout ratio is currently 16.76%.

Insider Activity

In related news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction 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 directly owns 45,279 shares of the company’s stock, valued at approximately $2,315,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares in the company, valued at $446,450. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the sale, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

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.