Woodline Partners LP Trims Position in Ovintiv Inc. (NYSE:OVV)

Woodline Partners LP cut its position in Ovintiv Inc. (NYSE:OVV) by 27.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,160,898 shares of the company’s stock after selling 823,315 shares during the period. Ovintiv comprises 0.6% of Woodline Partners LP’s portfolio, making the stock its 26th largest holding. Woodline Partners LP owned approximately 0.83% of Ovintiv worth $87,516,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Colonial Trust Co SC purchased a new stake in shares of Ovintiv in the fourth quarter worth $28,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after purchasing an additional 360 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company’s stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Mizuho Bank Ltd. purchased a new stake in shares of Ovintiv in the fourth quarter worth $40,000. Finally, Optiver Holding B.V. purchased a new stake in shares of Ovintiv in the fourth quarter worth $40,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OVV has been the subject of a number of research reports. National Bankshares upped their target price on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Wells Fargo & Company upped their target price on shares of Ovintiv from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. dropped their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Mizuho dropped their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Tuesday, May 13th. Finally, Barclays dropped their target price on shares of Ovintiv from $59.00 to $53.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $55.65.

Ovintiv Price Performance

OVV stock opened at $37.06 on Tuesday. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $51.72. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a fifty day simple moving average of $36.97 and a two-hundred day simple moving average of $40.58. The firm has a market capitalization of $9.63 billion, a P/E ratio of 4.92 and a beta of 1.14.

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

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.24%. Ovintiv’s dividend payout ratio (DPR) is presently 51.06%.

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.