Inspire Investing LLC Trims Position in Ovintiv Inc. (NYSE:OVV)

Inspire Investing LLC decreased its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 67.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,401 shares of the company's stock after selling 15,005 shares during the quarter. Inspire Investing LLC's holdings in Ovintiv were worth $284,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quarry LP lifted its stake in Ovintiv by 89.1% in the second quarter. Quarry LP now owns 40,902 shares of the company's stock worth $1,917,000 after acquiring an additional 19,272 shares during the period. Wedge Capital Management L L P NC boosted its stake in shares of Ovintiv by 25.0% during the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company's stock valued at $25,090,000 after purchasing an additional 106,900 shares in the last quarter. FORA Capital LLC purchased a new position in shares of Ovintiv during the first quarter valued at about $4,244,000. Jacobs Levy Equity Management Inc. bought a new position in Ovintiv in the first quarter worth about $1,149,000. Finally, Canandaigua National Bank & Trust Co. bought a new position in Ovintiv in the second quarter worth about $1,441,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Down 1.3 %

Shares of Ovintiv stock traded down $0.52 on Friday, reaching $40.79. The company's stock had a trading volume of 2,459,489 shares, compared to its average volume of 4,421,319. The company has a market capitalization of $10.75 billion, a price-to-earnings ratio of 5.75, a P/E/G ratio of 8.23 and a beta of 2.61. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The firm's fifty day simple moving average is $41.42 and its two-hundred day simple moving average is $46.15.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Equities analysts anticipate that Ovintiv Inc. will post 4.83 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.94%. Ovintiv's dividend payout ratio (DPR) is 16.93%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on OVV. Mizuho cut their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 9th. Evercore ISI dropped their price target on Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, September 30th. Wells Fargo & Company decreased their price objective on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating for the company in a report on Tuesday, October 1st. Truist Financial dropped their target price on shares of Ovintiv from $62.00 to $47.00 and set a "buy" rating on the stock in a report on Monday, September 30th. Finally, Scotiabank increased their price target on shares of Ovintiv from $58.00 to $60.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 12th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv currently has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Ovintiv Company 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.