Sei Investments Co. Lowers Position in Ovintiv Inc. (NYSE:OVV)

Sei Investments Co. decreased its stake in Ovintiv Inc. (NYSE:OVV) by 15.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,311 shares of the company’s stock after selling 8,942 shares during the quarter. Sei Investments Co.’s holdings in Ovintiv were worth $2,358,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in OVV. TD Asset Management Inc raised its stake in Ovintiv by 176.3% during the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock worth $2,027,000 after acquiring an additional 29,449 shares during the period. KBC Group NV boosted its stake in shares of Ovintiv by 70.1% in the fourth quarter. KBC Group NV now owns 71,913 shares of the company’s stock worth $3,159,000 after acquiring an additional 29,638 shares during the period. Crossmark Global Holdings Inc. grew its position in shares of Ovintiv by 5.9% during the fourth quarter. Crossmark Global Holdings Inc. now owns 17,454 shares of the company’s stock worth $767,000 after purchasing an additional 979 shares in the last quarter. 1832 Asset Management L.P. raised its stake in Ovintiv by 23.3% during the 4th quarter. 1832 Asset Management L.P. now owns 53,243 shares of the company’s stock valued at $2,338,000 after purchasing an additional 10,077 shares during the period. Finally, Cibc World Markets Corp purchased a new position in Ovintiv in the 4th quarter worth approximately $756,000. Institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.4 %

OVV stock opened at $43.53 on Friday. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of 6.08, a price-to-earnings-growth ratio of 6.82 and a beta of 2.62. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The firm’s fifty day simple moving average is $41.63 and its two-hundred day simple moving average is $46.90.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. As a group, analysts anticipate that Ovintiv Inc. will post 5.26 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.76%. Ovintiv’s payout ratio is 16.76%.

Analyst Ratings Changes

A number of brokerages have issued reports on OVV. Morgan Stanley cut their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. cut their target price on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Evercore ISI decreased their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. UBS Group cut their price objective on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, Truist Financial dropped their price target on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.17.

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.