Ovintiv (NYSE:OVV) Trading Down 4.2% – What’s Next?

Ovintiv Inc. (NYSE:OVV) dropped 4.2% during mid-day trading on Wednesday . The stock traded as low as $63.94 and last traded at $64.1610. Approximately 268,863 shares traded hands during trading, a decline of 93% from the average session volume of 4,016,154 shares. The stock had previously closed at $66.97.

Wall Street Analysts Forecast Growth

OVV has been the topic of several analyst reports. Barclays lifted their price objective on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Weiss Ratings upgraded Ovintiv from a “hold (c)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Roth Capital raised their price target on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 24th. Royal Bank Of Canada lifted their price target on Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Monday, July 27th. Finally, Truist Financial restated a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $68.75.

Ovintiv Trading Down 6.0%

The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market capitalization of $17.35 billion, a PE ratio of 17.73 and a beta of 0.53. The stock’s 50-day simple moving average is $62.16 and its 200-day simple moving average is $58.40.

Ovintiv (NYSE:OVV) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. As a group, sell-side analysts expect that Ovintiv Inc. will post 7.3 EPS for the current fiscal year.

Ovintiv Dividend Announcement

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

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of Ovintiv stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the sale, the executive vice president directly owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.85% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in OVV. BlackRock Inc. bought a new stake in shares of Ovintiv during the 2nd quarter valued at $1,422,959,000. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 16.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after acquiring an additional 1,137,162 shares during the last quarter. Millennium Management LLC increased its position in Ovintiv by 116.3% during the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock valued at $223,101,000 after acquiring an additional 3,060,691 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Ovintiv by 8.8% during the first quarter. Bank of New York Mellon Corp now owns 2,945,692 shares of the company’s stock valued at $174,856,000 after purchasing an additional 239,054 shares in the last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Ovintiv by 119.7% in the second quarter. Van ECK Associates Corp now owns 1,717,400 shares of the company’s stock worth $90,421,000 after buying an additional 935,860 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

About Ovintiv

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.