NewEdge Advisors LLC Grows Stock Holdings in Ovintiv Inc. $OVV

NewEdge Advisors LLC raised its stake in Ovintiv Inc. (NYSE:OVV) by 40.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 86,982 shares of the company’s stock after buying an additional 25,153 shares during the period. NewEdge Advisors LLC’s holdings in Ovintiv were worth $4,580,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Steph & Co. bought a new stake in shares of Ovintiv during the 1st quarter valued at $29,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Ovintiv during the second quarter valued at $32,000. Aberdeen Wealth Management LLC bought a new stake in Ovintiv during the 2nd quarter worth approximately $32,000. Markowski Investments bought a new position in shares of Ovintiv in the second quarter worth about $39,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after buying an additional 287 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Price Performance

Ovintiv stock opened at $65.30 on Tuesday. The stock has a market cap of $17.99 billion, a P/E ratio of 18.45 and a beta of 0.53. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $67.51. The company has a 50-day moving average price of $61.92 and a 200 day moving average price of $58.28. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Sell-side analysts anticipate that Ovintiv Inc. will post 7.3 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. Ovintiv’s dividend payout ratio is presently 33.90%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Scotiabank upgraded shares of Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. Morgan Stanley set a $67.00 target price on shares of Ovintiv in a research report on Wednesday, August 19th. Truist Financial reissued a “buy” rating and issued a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. UBS Group reiterated a “buy” rating and set a $85.00 price objective on shares of Ovintiv in a report on Monday. Finally, Royal Bank Of Canada boosted their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $68.75.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the firm’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.85% of the company’s stock.

Ovintiv Profile

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.