American International Group Inc. Reduces Holdings in Ovintiv Inc. (NYSE:OVV)

American International Group Inc. cut its stake in Ovintiv Inc. (NYSE:OVV) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 335,468 shares of the company’s stock after selling 8,370 shares during the period. American International Group Inc. owned about 0.13% of Ovintiv worth $17,411,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Quent Capital LLC boosted its position in shares of Ovintiv by 151.3% in the 4th quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after purchasing an additional 351 shares during the period. American National Bank acquired a new stake in shares of Ovintiv in the first quarter valued at approximately $27,000. Avalon Trust Co purchased a new position in shares of Ovintiv during the fourth quarter worth approximately $34,000. Geneos Wealth Management Inc. increased its holdings in shares of Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after acquiring an additional 300 shares during the period. Finally, Creekmur Asset Management LLC purchased a new stake in Ovintiv in the 4th quarter valued at $68,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on OVV shares. Mizuho lifted their price objective on shares of Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. TD Cowen boosted their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Wolfe Research began coverage on Ovintiv in a research report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective for the company. Scotiabank boosted their target price on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Finally, Truist Financial cut their price target on Ovintiv from $68.00 to $60.00 and set a “buy” rating for the company in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average price target of $60.33.

Insider Activity at Ovintiv

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

Ovintiv Price Performance

OVV traded down $0.65 during trading on Wednesday, reaching $45.64. 2,121,338 shares of the stock were exchanged, compared to its average volume of 3,020,043. Ovintiv Inc. has a 1 year low of $39.68 and a 1 year high of $55.95. The company has a market capitalization of $12.19 billion, a price-to-earnings ratio of 6.37 and a beta of 2.63. The business’s 50 day moving average price is $47.72 and its two-hundred day moving average price is $47.96. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The firm had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion. As a group, equities research analysts anticipate that Ovintiv Inc. will post 6.02 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a $0.30 dividend. The ex-dividend date was Friday, June 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.63%. Ovintiv’s dividend payout ratio is presently 16.76%.

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.