CANADA LIFE ASSURANCE Co Sells 10,739 Shares of Ovintiv Inc. (NYSE:OVV)

CANADA LIFE ASSURANCE Co reduced its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 6.1% during the first quarter, HoldingsChannel reports. The firm owned 165,325 shares of the company’s stock after selling 10,739 shares during the period. CANADA LIFE ASSURANCE Co’s holdings in Ovintiv were worth $8,577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Westfield Capital Management Co. LP lifted its holdings in shares of Ovintiv by 3.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock valued at $63,563,000 after purchasing an additional 44,241 shares in the last quarter. TD Asset Management Inc lifted its holdings in shares of Ovintiv by 176.3% during the fourth quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after purchasing an additional 29,449 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Ovintiv by 1,202.0% during the fourth quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock valued at $610,000 after purchasing an additional 12,813 shares in the last quarter. FORA Capital LLC bought a new position in shares of Ovintiv during the first quarter valued at $4,244,000. Finally, Jennison Associates LLC bought a new position in shares of Ovintiv during the first quarter valued at $6,334,000. 83.81% of the stock is owned by institutional investors.

Insider Buying and Selling at Ovintiv

In other news, Director Steven W. Nance sold 12,000 shares of Ovintiv stock in a transaction on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now directly owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Howard John Mayson sold 4,000 shares of the business’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the transaction, the director now directly owns 45,279 shares in the company, valued at approximately $2,315,568.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Steven W. Nance sold 12,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the transaction, the director now owns 8,929 shares in the company, valued at $446,450. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

Ovintiv Price Performance

NYSE:OVV opened at $45.85 on Friday. Ovintiv Inc. has a 1 year low of $39.68 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market capitalization of $12.24 billion, a price-to-earnings ratio of 6.40, a PEG ratio of 7.49 and a beta of 2.63. The business has a 50 day simple moving average of $47.65 and a 200-day simple moving average of $47.95.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The firm had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. Equities analysts forecast that Ovintiv Inc. will post 5.7 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date was Friday, June 14th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Barclays initiated coverage on Ovintiv in a report on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 target price on the stock. Mizuho increased their target price on Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Morgan Stanley increased their target price on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Jefferies Financial Group increased their target price on Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Finally, Scotiabank increased their target price on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $60.33.

Ovintiv 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.