Highland Capital Management LLC Has $1.02 Million Stock Position in Ovintiv Inc. (NYSE:OVV)

Highland Capital Management LLC cut its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 16.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 25,274 shares of the company’s stock after selling 4,836 shares during the quarter. Highland Capital Management LLC’s holdings in Ovintiv were worth $1,024,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Robeco Institutional Asset Management B.V. lifted its holdings in Ovintiv by 1,807.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 791,853 shares of the company’s stock valued at $32,070,000 after buying an additional 750,349 shares during the period. KBC Group NV raised its position in shares of Ovintiv by 18.5% during the 4th quarter. KBC Group NV now owns 394,893 shares of the company’s stock valued at $15,993,000 after acquiring an additional 61,686 shares during the last quarter. Drive Wealth Management LLC lifted its stake in shares of Ovintiv by 10.4% in the 4th quarter. Drive Wealth Management LLC now owns 11,376 shares of the company’s stock valued at $461,000 after purchasing an additional 1,067 shares during the period. Fifth Third Bancorp boosted its position in shares of Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after purchasing an additional 282 shares during the last quarter. Finally, Lifestyle Asset Management Inc. acquired a new stake in shares of Ovintiv during the fourth quarter worth $731,000. Institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Wells Fargo & Company reduced their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. Barclays boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday. Truist Financial increased their target price on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. National Bankshares boosted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday. Finally, Scotiabank raised their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

Ovintiv Stock Performance

Shares of OVV opened at $43.82 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The firm has a fifty day simple moving average of $42.59 and a 200 day simple moving average of $42.35. The stock has a market capitalization of $11.41 billion, a price-to-earnings ratio of 5.81 and a beta of 2.63.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, November 7th. The company reported $1.85 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.76. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The company had revenue of $2.32 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same quarter last year, the company earned $1.74 EPS. Research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s dividend payout ratio is currently 15.92%.

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.