Advisor Group Holdings Inc. Sells 37,385 Shares of Ovintiv Inc. (NYSE:OVV)

Advisor Group Holdings Inc. trimmed its stake in Ovintiv Inc. (NYSE:OVV) by 69.4% during the 2nd quarter, HoldingsChannel reports. The fund owned 16,467 shares of the company’s stock after selling 37,385 shares during the quarter. Advisor Group Holdings Inc.’s holdings in Ovintiv were worth $519,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. IFP Advisors Inc bought a new position in shares of Ovintiv during the second quarter valued at $31,000. Eaton Vance Management bought a new position in shares of Ovintiv during the first quarter valued at $47,000. Harvest Fund Management Co. Ltd lifted its holdings in shares of Ovintiv by 122.5% during the first quarter. Harvest Fund Management Co. Ltd now owns 3,818 shares of the company’s stock valued at $90,000 after purchasing an additional 2,102 shares in the last quarter. Captrust Financial Advisors lifted its holdings in shares of Ovintiv by 86.5% during the first quarter. Captrust Financial Advisors now owns 3,871 shares of the company’s stock valued at $92,000 after purchasing an additional 1,795 shares in the last quarter. Finally, GWM Advisors LLC bought a new position in shares of Ovintiv during the second quarter valued at $204,000. 70.06% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Katherine Lucas Minyard purchased 4,000 shares of the business’s stock in a transaction dated Thursday, June 24th. The shares were acquired at an average cost of $31.55 per share, for a total transaction of $126,200.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.70% of the company’s stock.

OVV has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised Ovintiv from a “neutral” rating to an “overweight” rating and upped their price target for the company from $28.00 to $32.00 in a report on Wednesday, May 26th. They noted that the move was a valuation call. Wells Fargo & Company upped their price objective on Ovintiv from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, August 23rd. National Bank Financial reduced their price objective on Ovintiv from $41.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, July 30th. Credit Suisse Group upgraded Ovintiv from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $29.00 to $38.00 in a research report on Monday, July 19th. Finally, Barclays upgraded Ovintiv from an “underweight” rating to an “overweight” rating and upped their price objective for the company from $21.00 to $33.00 in a research report on Thursday, June 3rd. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $32.93.

OVV opened at $28.05 on Wednesday. The stock’s fifty day moving average is $26.52 and its two-hundred day moving average is $26.81. The company has a market capitalization of $7.32 billion, a P/E ratio of -3.58 and a beta of 3.92. Ovintiv Inc. has a 52 week low of $6.81 and a 52 week high of $33.46. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 1.22.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 27th. The company reported $1.11 EPS for the quarter, topping the consensus estimate of $0.75 by $0.36. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.81 billion. Ovintiv had a positive return on equity of 18.65% and a negative net margin of 32.51%. Equities analysts anticipate that Ovintiv Inc. will post 4.76 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 15th will be issued a $0.14 dividend. The ex-dividend date is Tuesday, September 14th. This is an increase from Ovintiv’s previous quarterly dividend of $0.09. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.00%. Ovintiv’s dividend payout ratio (DPR) is currently 160.00%.

Ovintiv Profile

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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Institutional Ownership by Quarter for Ovintiv (NYSE:OVV)

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