Fisher Asset Management LLC Reduces Stock Position in Ovintiv Inc. (NYSE:OVV)

Fisher Asset Management LLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 20.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 814,493 shares of the company’s stock after selling 210,340 shares during the quarter. Fisher Asset Management LLC owned 0.30% of Ovintiv worth $35,773,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. First Trust Direct Indexing L.P. raised its position in Ovintiv by 28.9% during the fourth quarter. First Trust Direct Indexing L.P. now owns 5,706 shares of the company’s stock valued at $251,000 after purchasing an additional 1,281 shares during the period. Victory Capital Management Inc. increased its position in shares of Ovintiv by 2.8% during the 4th quarter. Victory Capital Management Inc. now owns 543,682 shares of the company’s stock valued at $23,879,000 after purchasing an additional 14,846 shares during the last quarter. Retirement Systems of Alabama raised its holdings in Ovintiv by 0.4% during the 4th quarter. Retirement Systems of Alabama now owns 317,870 shares of the company’s stock valued at $13,961,000 after buying an additional 1,141 shares during the period. Golden State Equity Partners purchased a new position in shares of Ovintiv during the fourth quarter worth $567,000. Finally, Truist Financial Corp grew its stake in shares of Ovintiv by 13.1% in the fourth quarter. Truist Financial Corp now owns 58,504 shares of the company’s stock valued at $2,570,000 after buying an additional 6,764 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $51.54 on Friday. Ovintiv Inc. has a 12 month low of $32.07 and a 12 month high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a market capitalization of $13.86 billion, a PE ratio of 6.53 and a beta of 2.65. The business’s fifty day moving average price is $51.59 and its 200 day moving average price is $46.74.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The business had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $2.75 billion. On average, sell-side analysts anticipate that Ovintiv Inc. will post 6.13 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were issued a dividend of $0.30 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.33%. Ovintiv’s payout ratio is currently 15.21%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on OVV. 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. Morgan Stanley raised their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Jefferies Financial Group upped their target price on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Royal Bank of Canada increased their target price on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. Finally, Wells Fargo & Company dropped their price target on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 17th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Insiders Place Their Bets

In other news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the transaction, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Rachel Maureen Moore sold 9,300 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.65, for a total transaction of $471,045.00. Following the transaction, the executive vice president now owns 52,557 shares in the company, valued at approximately $2,662,012.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the sale, the executive vice president now owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 91,564 shares of company stock valued at $4,660,818. 1.70% of the stock is owned by corporate insiders.

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.