Highland Capital Management LLC Sells 4,836 Shares of Ovintiv Inc. (NYSE:OVV)

Highland Capital Management LLC lessened its stake in shares of Ovintiv Inc. (NYSE:OVV) by 16.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. True Wealth Design LLC boosted its position in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after purchasing an additional 636 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after buying an additional 360 shares during the last quarter. UMB Bank n.a. lifted its position in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new position in shares of Ovintiv during the 3rd quarter worth about $65,000. Finally, Covestor Ltd increased its position in Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after buying an additional 560 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on OVV. Truist Financial upped their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Mizuho reduced their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Wells Fargo & Company lowered their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Citigroup lowered their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Stock Performance

NYSE:OVV opened at $43.82 on Friday. The stock has a market capitalization of $11.41 billion, a P/E ratio of 5.81 and a beta of 2.63. 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 1 year low of $36.90 and a 1 year high of $55.95. The firm has a 50 day moving average of $42.59 and a 200-day moving average of $42.35.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.76. The firm had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.32 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. During the same quarter in the previous year, the company posted $1.74 EPS. As a group, sell-side analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 2.74%. Ovintiv’s dividend payout ratio (DPR) is 15.92%.

Ovintiv 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.