Ovintiv (NYSE:OVV) EVP Sells 7,753 Shares

Ovintiv Inc. (NYSE:OVVGet Free Report) EVP Rachel Maureen Moore sold 7,753 shares of Ovintiv stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Ovintiv Stock Up 1.1%

Ovintiv stock traded up $0.68 during trading hours on Friday, reaching $62.99. The stock had a trading volume of 3,225,084 shares, compared to its average volume of 4,125,564. The company has a market cap of $17.35 billion, a price-to-earnings ratio of 17.79 and a beta of 0.53. The business’s 50 day moving average price is $57.19 and its 200-day moving average price is $55.35. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $64.61. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.01 and a quick ratio of 1.01.

Ovintiv (NYSE:OVVGet Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. Sell-side analysts anticipate that Ovintiv Inc. will post 6.87 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. National Bank Financial raised their price objective on Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Wells Fargo & Company dropped their target price on Ovintiv from $80.00 to $78.00 and set an “overweight” rating on the stock in a research note on Thursday. Texas Capital raised Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Finally, Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $66.79.

Read Our Latest Report on Ovintiv

Institutional Trading of Ovintiv

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Steph & Co. acquired a new position in shares of Ovintiv in the first quarter valued at about $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Ovintiv in the second quarter worth about $32,000. Aberdeen Wealth Management LLC acquired a new stake in shares of Ovintiv during the second quarter worth about $32,000. Los Angeles Capital Management LLC acquired a new stake in shares of Ovintiv during the fourth quarter worth about $46,000. Finally, Deseret Mutual Benefit Administrators boosted its position in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after buying an additional 287 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

About Ovintiv

(Get Free Report)

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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