Mercer Global Advisors Inc. ADV Cuts Holdings in Ovintiv Inc. (NYSE:OVV)

Mercer Global Advisors Inc. ADV decreased its position in Ovintiv Inc. (NYSE:OVV) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,198 shares of the company’s stock after selling 541 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Ovintiv were worth $1,020,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB increased its position in shares of Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after acquiring an additional 360 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock valued at $32,000 after purchasing an additional 335 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of Ovintiv during the 4th quarter worth $40,000. Mizuho Bank Ltd. purchased a new position in shares of Ovintiv in the 4th quarter worth about $40,000. Finally, Cullen Frost Bankers Inc. grew its position in Ovintiv by 3,571.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company’s stock valued at $42,000 after buying an additional 1,000 shares during the period. Institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Williams Trading set a $58.00 price objective on Ovintiv in a report on Wednesday, March 5th. National Bankshares boosted their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and upped their price target for the company from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Scotiabank raised Ovintiv to a “strong-buy” rating in a report on Wednesday, March 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Ovintiv has a consensus rating of “Buy” and an average price target of $55.76.

Ovintiv Price Performance

Ovintiv stock opened at $36.13 on Friday. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of 4.79 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business has a 50-day simple moving average of $37.03 and a 200 day simple moving average of $40.62. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $51.72.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The company had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.23 billion. On average, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.32%. Ovintiv’s dividend payout ratio is presently 51.06%.

Ovintiv 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.