Alaska Permanent Fund Corp Sells 275 Shares of Ovintiv Inc. (NYSE:OVV)

Alaska Permanent Fund Corp lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 0.4% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 61,525 shares of the company’s stock after selling 275 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Ovintiv were worth $2,702,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Xponance Inc. boosted its position in Ovintiv by 0.6% during the third quarter. Xponance Inc. now owns 41,823 shares of the company’s stock worth $1,990,000 after purchasing an additional 240 shares during the period. LPL Financial LLC lifted its holdings in shares of Ovintiv by 0.3% in the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after buying an additional 261 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Ovintiv by 20.5% in the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after buying an additional 284 shares in the last quarter. Signaturefd LLC raised its stake in Ovintiv by 1.7% in the third quarter. Signaturefd LLC now owns 19,093 shares of the company’s stock valued at $908,000 after purchasing an additional 317 shares in the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of Ovintiv by 20.3% in the fourth quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock worth $85,000 after buying an additional 328 shares during the period. Institutional investors own 83.81% of the company’s stock.

Insider Buying and Selling

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares in the company, valued at approximately $1,206,325.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 91,564 shares of company stock worth $4,660,818. Insiders own 1.70% of the company’s stock.

Ovintiv Trading Down 0.5 %

NYSE:OVV traded down $0.28 during midday trading on Thursday, hitting $52.62. The stock had a trading volume of 213,202 shares, compared to its average volume of 3,071,770. The stock has a 50-day moving average of $50.64 and a 200 day moving average of $46.58. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $14.15 billion, a price-to-earnings ratio of 6.70 and a beta of 2.65. Ovintiv Inc. has a one year low of $32.07 and a one year high of $55.95.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The company had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $2.75 billion. As a group, sell-side analysts forecast that Ovintiv Inc. will post 6.13 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.28%. The ex-dividend date was Thursday, March 14th. Ovintiv’s payout ratio is 15.21%.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of analyst reports. The Goldman Sachs Group increased their target price on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. Citigroup boosted their target price on shares of Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Scotiabank reduced their price objective on Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, January 16th. UBS Group upped their price objective on Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Finally, Royal Bank of Canada upped their price objective on Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $56.71.

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.