Ovintiv Inc. (NYSE:OVV – Get Rating) – Seaport Res Ptn increased their Q2 2022 earnings per share estimates for shares of Ovintiv in a research report issued on Tuesday, April 19th. Seaport Res Ptn analyst N. Pope now forecasts that the company will post earnings per share of $3.60 for the quarter, up from their previous estimate of $3.45.
A number of other research firms have also recently weighed in on OVV. Mizuho lifted their price target on Ovintiv from $54.00 to $78.00 and gave the company a “buy” rating in a report on Thursday, March 31st. Truist Financial boosted their target price on Ovintiv from $68.00 to $80.00 in a report on Thursday. Morgan Stanley boosted their target price on Ovintiv from $49.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday. Royal Bank of Canada boosted their target price on Ovintiv from $50.00 to $53.00 and gave the stock an “outperform” rating in a report on Monday, March 14th. Finally, JPMorgan Chase & Co. cut Ovintiv from an “overweight” rating to a “neutral” rating and boosted their target price for the stock from $50.00 to $53.00 in a report on Tuesday, January 18th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $53.41.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 31st. Shareholders of record on Tuesday, March 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.59%. This is a boost from Ovintiv’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Monday, March 14th. Ovintiv’s payout ratio is presently -35.24%.
In related news, Director Howard John Mayson sold 2,200 shares of the company’s stock in a transaction on Friday, March 18th. The shares were sold at an average price of $48.09, for a total value of $105,798.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas G. Ricks sold 10,000 shares of the company’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $53.73, for a total transaction of $537,300.00. Following the completion of the sale, the director now owns 145,500 shares of the company’s stock, valued at $7,817,715. The disclosure for this sale can be found here. Insiders own 0.76% of the company’s stock.
A number of large investors have recently modified their holdings of OVV. Amundi Pioneer Asset Management Inc. lifted its position in Ovintiv by 318.4% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 797,623 shares of the company’s stock worth $5,775,000 after acquiring an additional 606,969 shares during the last quarter. Morgan Stanley lifted its position in Ovintiv by 44.1% during the 2nd quarter. Morgan Stanley now owns 1,856,845 shares of the company’s stock worth $58,435,000 after acquiring an additional 568,546 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its position in Ovintiv by 1.9% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 155,752 shares of the company’s stock worth $5,121,000 after acquiring an additional 2,839 shares during the last quarter. Nordea Investment Management AB acquired a new position in Ovintiv during the 3rd quarter worth $24,542,000. Finally, SG Americas Securities LLC lifted its position in Ovintiv by 126.8% during the 3rd quarter. SG Americas Securities LLC now owns 148,023 shares of the company’s stock worth $4,867,000 after acquiring an additional 82,749 shares during the last quarter. Hedge funds and other institutional investors own 75.16% of the company’s stock.
About Ovintiv (Get Rating)
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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