Ovintiv Inc. (NYSE:OVV) Shares Sold by Invenomic Capital Management LP

Invenomic Capital Management LP decreased its position in shares of Ovintiv Inc. (NYSE:OVV) by 13.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 665,671 shares of the company’s stock after selling 101,414 shares during the quarter. Ovintiv makes up about 1.3% of Invenomic Capital Management LP’s portfolio, making the stock its 16th biggest holding. Invenomic Capital Management LP owned approximately 0.26% of Ovintiv worth $26,960,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Ninepoint Partners LP lifted its position in Ovintiv by 16.9% in the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company’s stock valued at $9,112,000 after buying an additional 32,500 shares during the last quarter. Franklin Resources Inc. boosted its holdings in Ovintiv by 16.0% in the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after purchasing an additional 37,341 shares during the period. Westpac Banking Corp increased its holdings in Ovintiv by 64.8% during the 4th quarter. Westpac Banking Corp now owns 31,369 shares of the company’s stock worth $1,270,000 after purchasing an additional 12,340 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Ovintiv by 19.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company’s stock valued at $8,768,000 after purchasing an additional 34,207 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Ovintiv by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock valued at $77,508,000 after purchasing an additional 45,147 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on OVV. Scotiabank raised shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Truist Financial lifted their price target on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. National Bankshares upped their target price on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Morgan Stanley reaffirmed an “overweight” rating and set a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Finally, Wells Fargo & Company raised their price objective on shares of Ovintiv from $45.00 to $46.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $55.76.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $36.13 on Friday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market cap of $9.41 billion, a PE ratio of 4.79 and a beta of 1.14. Ovintiv Inc. has a one year low of $29.80 and a one year high of $51.72. The business’s fifty day moving average price is $37.03 and its two-hundred day moving average price is $40.62.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. On average, analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Friday, June 13th. Ovintiv’s payout ratio is 51.06%.

About Ovintiv

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.