Zurcher Kantonalbank Zurich Cantonalbank Boosts Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Ovintiv Inc. (NYSE:OVV) by 338.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 445,187 shares of the company’s stock after purchasing an additional 343,709 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.17% of Ovintiv worth $20,866,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. American National Bank bought a new position in shares of Ovintiv during the 1st quarter worth $27,000. Avalon Trust Co bought a new position in Ovintiv during the fourth quarter worth about $34,000. Geneos Wealth Management Inc. boosted its position in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the period. Creekmur Asset Management LLC purchased a new position in shares of Ovintiv in the fourth quarter worth about $68,000. Finally, Atlas Capital Advisors LLC bought a new stake in shares of Ovintiv in the first quarter valued at approximately $74,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Trading Down 3.3 %

Shares of OVV traded down $1.44 during mid-day trading on Friday, hitting $42.38. 734,519 shares of the company’s stock traded hands, compared to its average volume of 2,956,998. 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 1 year low of $38.99 and a 1 year high of $55.95. The firm has a market capitalization of $11.31 billion, a P/E ratio of 5.91, a PEG ratio of 7.10 and a beta of 2.63. The business’s 50-day moving average price is $45.17 and its 200-day moving average price is $48.21.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. As a group, sell-side analysts forecast that Ovintiv Inc. will post 5.69 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.83%. The ex-dividend date of this dividend is Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on OVV shares. Royal Bank of Canada reduced their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. Wolfe Research began coverage on Ovintiv in a report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price target for the company. Evercore ISI reiterated an “outperform” rating and set a $60.00 price objective on shares of Ovintiv in a research note on Wednesday, July 10th. Scotiabank increased their price objective on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Finally, UBS Group reduced their target price on Ovintiv from $66.00 to $61.00 and set a “buy” rating for the company in a report on Friday, August 9th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.56.

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.