Nuveen Asset Management LLC acquired a new position in Ovintiv (NYSE:OVV) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 1,221,289 shares of the company’s stock, valued at approximately $11,663,000. Nuveen Asset Management LLC owned approximately 0.47% of Ovintiv at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. acquired a new stake in shares of Ovintiv in the 2nd quarter worth $16,425,000. California State Teachers Retirement System acquired a new stake in shares of Ovintiv in the 2nd quarter worth $3,770,000. Private Advisor Group LLC acquired a new stake in shares of Ovintiv in the 2nd quarter worth $54,000. Canada Pension Plan Investment Board boosted its position in shares of Ovintiv by 2,605.6% in the 2nd quarter. Canada Pension Plan Investment Board now owns 8,712 shares of the company’s stock worth $83,000 after purchasing an additional 8,390 shares in the last quarter. Finally, Balentine LLC boosted its position in shares of Ovintiv by 505.7% in the 2nd quarter. Balentine LLC now owns 12,507 shares of the company’s stock worth $119,000 after purchasing an additional 10,442 shares in the last quarter. 71.83% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Howard John Mayson sold 8,100 shares of Ovintiv stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $8.48, for a total value of $68,688.00. Following the completion of the transaction, the director now owns 16,121 shares in the company, valued at approximately $136,706.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.28% of the stock is owned by insiders.
Shares of Ovintiv stock opened at $8.16 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 1.25. Ovintiv has a twelve month low of $2.10 and a twelve month high of $25.00. The business has a 50-day moving average price of $10.36 and a 200 day moving average price of $8.09. The firm has a market cap of $2.12 billion, a PE ratio of -0.55 and a beta of 4.06.
Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by ($0.02). Ovintiv had a negative net margin of 56.12% and a positive return on equity of 3.58%. The business had revenue of $726.00 million during the quarter, compared to analysts’ expectations of $1.28 billion. On average, sell-side analysts expect that Ovintiv will post -0.42 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were paid a $0.094 dividend. The ex-dividend date of this dividend was Monday, September 14th. This represents a $0.38 annualized dividend and a dividend yield of 4.61%. Ovintiv’s dividend payout ratio is presently 11.55%.
A number of analysts have commented on OVV shares. Raymond James set a $10.00 price target on Ovintiv and gave the stock a “market perform” rating in a research report on Thursday, July 30th. SunTrust Banks lifted their price target on Ovintiv from $7.00 to $12.00 and gave the stock a “hold” rating in a research report on Friday, June 19th. Royal Bank of Canada lifted their price target on Ovintiv from $6.50 to $11.00 and gave the stock a “sector perform” rating in a research report on Friday, June 26th. BMO Capital Markets raised Ovintiv from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $6.50 to $13.00 in a research report on Monday, June 29th. Finally, TheStreet cut Ovintiv from a “c” rating to a “d” rating in a research report on Monday, August 31st. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $13.26.
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