Bank of New York Mellon Corp Trims Position in Ovintiv Inc. $OVV

Bank of New York Mellon Corp cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 1.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,706,638 shares of the company’s stock after selling 34,112 shares during the period. Bank of New York Mellon Corp’s holdings in Ovintiv were worth $106,073,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Foster Dykema Cabot & Partners LLC purchased a new position in Ovintiv during the third quarter valued at approximately $36,000. Flagship Harbor Advisors LLC purchased a new stake in Ovintiv in the 4th quarter worth approximately $38,000. IFP Advisors Inc lifted its stake in Ovintiv by 58.4% in the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after purchasing an additional 494 shares in the last quarter. Advisory Services Network LLC bought a new position in Ovintiv in the 3rd quarter valued at $58,000. Finally, CIBC Private Wealth Group LLC boosted its holdings in Ovintiv by 258.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock valued at $64,000 after purchasing an additional 1,136 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

OVV has been the topic of several research analyst reports. Bank of America upped their price target on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. The Goldman Sachs Group lifted their price objective on Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Zacks Research upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Barclays upped their target price on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Finally, Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a research report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Insider Buying and Selling at Ovintiv

In related news, EVP Meghan Nicole Eilers sold 11,582 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president directly owned 54,092 shares of the company’s stock, valued at approximately $2,963,159.76. This trade represents a 17.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.85% of the company’s stock.

Ovintiv Stock Performance

NYSE OVV opened at $56.74 on Monday. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46. The company has a fifty day moving average of $58.05 and a 200-day moving average of $49.27. The company has a market capitalization of $15.95 billion, a P/E ratio of 18.30 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56.

Ovintiv (NYSE:OVV) last released its earnings results on Monday, May 11th. The company reported $2.00 EPS for the quarter, beating analysts’ consensus estimates of $1.85 by $0.15. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.The business had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.38 billion. As a group, equities research analysts predict that Ovintiv Inc. will post 8.15 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.1%. Ovintiv’s dividend payout ratio is 38.71%.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.