Ovintiv (NYSE:OVV) Sees Unusually-High Trading Volume Following Dividend Announcement

Shares of Ovintiv Inc. (NYSE:OVVGet Rating) saw unusually-high trading volume on Thursday after the company announced a dividend. Approximately 304,098 shares changed hands during 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. Shareholders 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

OVV has been the topic of a number of research reports. Barclays upped their target price on shares of Ovintiv from $56.00 to $72.00 and gave the company an “overweight” rating in a research report on Tuesday, June 14th. Truist Financial increased their price target on shares of Ovintiv from $72.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, July 19th. JPMorgan Chase & Co. increased their price target on shares of Ovintiv from $64.00 to $66.00 and gave the company an “overweight” rating in a research report on Wednesday, July 13th. Morgan Stanley cut their price target on shares of Ovintiv from $65.00 to $64.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 19th. Finally, National Bankshares cut their price target on shares of Ovintiv from $100.00 to $99.00 and set an “outperform” rating on the stock in a research report on Thursday. One research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Ovintiv Stock Up 4.8 %

The company has a market capitalization of $12.24 billion, a P/E ratio of 10.35, a PEG ratio of 0.11 and a beta of 3.05. The firm’s 50 day moving average price is $48.64 and its two-hundred day moving average price is $47.59. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.02.

Ovintiv (NYSE:OVVGet Rating) last issued its quarterly earnings results 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 the consensus estimate of $2.42 billion. Ovintiv had a return on equity of 65.58% and a net margin of 22.42%. Equities research analysts forecast that Ovintiv Inc. will post 9.5 EPS for the current year.

Insider Transactions at Ovintiv

In other news, Director Thomas G. Ricks sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 23rd. The shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the transaction, the director now directly owns 135,500 shares of the company’s stock, valued at approximately $6,775,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Thomas G. Ricks sold 10,000 shares of the firm’s stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the transaction, the director now directly owns 135,500 shares of the company’s stock, valued at $6,775,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Howard John Mayson sold 550 shares of the firm’s stock in a transaction on Wednesday, June 1st. The shares were sold at an average price of $58.28, for a total transaction of $32,054.00. Following the completion of the transaction, the director now directly owns 27,003 shares of the company’s stock, valued at $1,573,734.84. The disclosure for this sale can be found here. Insiders sold 29,785 shares of company stock valued at $1,676,509 in the last ninety days. 1.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Board of Administration of Florida Retirement System grew its stake in shares of Ovintiv by 159.0% in the second quarter. State Board of Administration of Florida Retirement System now owns 232,083 shares of the company’s stock valued at $10,256,000 after buying an additional 142,460 shares in the last quarter. M&T Bank Corp acquired a new stake in Ovintiv during the 2nd quarter valued at $946,000. Scotia Capital Inc. lifted its holdings in Ovintiv by 7.0% during the 2nd quarter. Scotia Capital Inc. now owns 49,062 shares of the company’s stock valued at $2,164,000 after purchasing an additional 3,215 shares during the last quarter. Bay Harbor Wealth Management LLC acquired a new stake in Ovintiv during the 2nd quarter valued at $29,000. Finally, Illinois Municipal Retirement Fund lifted its holdings in Ovintiv by 65.2% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 85,218 shares of the company’s stock valued at $3,766,000 after purchasing an additional 33,631 shares during the last quarter. 76.96% of the stock is owned by institutional investors.

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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