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

American International Group Inc. reduced its holdings in Ovintiv Inc. (NYSE:OVV) by 4.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 343,838 shares of the company’s stock after selling 14,726 shares during the quarter. American International Group Inc. owned approximately 0.13% of Ovintiv worth $15,101,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Ovintiv by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after buying an additional 2,484,554 shares during the period. Ceredex Value Advisors LLC acquired a new stake in Ovintiv during the fourth quarter worth about $67,149,000. Balyasny Asset Management L.P. increased its stake in Ovintiv by 1,560.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock worth $63,738,000 after acquiring an additional 1,363,865 shares during the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of Ovintiv by 2,602.0% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock worth $31,410,000 after purchasing an additional 688,690 shares during the period. Finally, FMR LLC lifted its stake in shares of Ovintiv by 2.3% in the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company’s stock valued at $1,088,289,000 after purchasing an additional 507,562 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ovintiv

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

Ovintiv Stock Performance

OVV stock traded down $0.72 during trading on Friday, hitting $45.81. 2,893,157 shares of the company’s stock traded hands, compared to its average volume of 2,456,289. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. Ovintiv Inc. has a 52 week low of $34.50 and a 52 week high of $55.95. The stock has a fifty day moving average price of $50.68 and a two-hundred day moving average price of $47.25. The stock has a market capitalization of $12.23 billion, a price-to-earnings ratio of 6.40 and a beta of 2.58.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. As a group, equities analysts anticipate that Ovintiv Inc. will post 6.15 EPS for the current fiscal year.

Ovintiv Announces Dividend

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

Wall Street Analysts Forecast Growth

OVV has been the topic of several research reports. TD Cowen raised their price target on shares of Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Citigroup lifted their target price on shares of Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a report on Monday, March 18th. Mizuho increased their price target on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a report on Monday, May 13th. UBS Group boosted their price objective on Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Finally, The Goldman Sachs Group increased their target price on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research note on Tuesday, March 26th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $58.65.

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.