Ovintiv (NYSE:OVV) Sees Strong Trading Volume After Dividend Announcement

Ovintiv Inc. (NYSE:OVVGet Rating) saw unusually-high trading volume on Thursday following a dividend announcement from the company. Approximately 304,098 shares were traded during mid-day trading, a decline of 92% from the previous session’s volume of 3,578,674 shares.The stock last traded at $45.10 and had previously closed at $46.94.

The newly announced dividend which will be paid on Friday, September 30th. Investors of record on Thursday, September 15th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 14th. This represents a $1.00 dividend on an annualized basis and a yield of 2.09%.

Analysts Set New Price Targets

A number of brokerages have commented on OVV. Barclays boosted their price objective on shares of Ovintiv from $56.00 to $72.00 and gave the stock an “overweight” rating in a report on Tuesday, June 14th. Royal Bank of Canada cut their price objective on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, May 12th. Morgan Stanley cut their price objective on shares of Ovintiv from $65.00 to $64.00 and set an “overweight” rating on the stock in a report on Tuesday, July 19th. Raymond James set a $60.00 price objective on shares of Ovintiv and gave the stock a “market perform” rating in a report on Tuesday, May 10th. Finally, Truist Financial boosted their price objective on shares of Ovintiv from $72.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday, July 19th. One research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $66.50.

Ovintiv Trading Up 4.8 %

The firm has a market cap of $12.24 billion, a price-to-earnings ratio of 10.35, a price-to-earnings-growth ratio of 0.11 and a beta of 3.05. The business’s 50 day moving average price is $48.64 and its 200-day moving average price is $47.59. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.54 and a current ratio of 0.54.

Ovintiv (NYSE:OVVGet Rating) last released its quarterly earnings data on Monday, May 9th. The company reported $2.17 earnings per share for the quarter, missing the consensus estimate of $2.54 by ($0.37). The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.42 billion. Ovintiv had a return on equity of 65.58% and a net margin of 22.42%. Equities analysts expect that Ovintiv Inc. will post 9.5 EPS for the current year.

Insider Buying and Selling

In related news, Director Thomas G. Ricks sold 19,231 shares of the stock in a transaction dated Tuesday, June 7th. The shares were sold at an average price of $59.50, for a total transaction of $1,144,244.50. Following the sale, the director now owns 116,269 shares in the company, valued at $6,918,005.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 550 shares of the company’s stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $58.28, for a total value of $32,054.00. Following the completion of the transaction, the director now owns 27,003 shares in the company, valued at approximately $1,573,734.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas G. Ricks sold 19,231 shares of the company’s stock in a transaction dated Tuesday, June 7th. The stock was sold at an average price of $59.50, for a total transaction of $1,144,244.50. Following the completion of the transaction, the director now owns 116,269 shares of the company’s stock, valued at approximately $6,918,005.50. The disclosure for this sale can be found here. Insiders have sold a total of 29,785 shares of company stock worth $1,676,509 over the last quarter. 1.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of OVV. Janney Montgomery Scott LLC bought a new position in Ovintiv in the 4th quarter worth about $904,000. Allspring Global Investments Holdings LLC bought a new position in Ovintiv in the 4th quarter worth about $3,556,000. Commonwealth Equity Services LLC bought a new position in Ovintiv in the 4th quarter worth about $301,000. Yousif Capital Management LLC bought a new position in shares of Ovintiv in the fourth quarter valued at approximately $393,000. Finally, Dupont Capital Management Corp bought a new position in shares of Ovintiv in the fourth quarter valued at approximately $623,000. Institutional investors own 76.96% of the company’s stock.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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