Wedge Capital Management L L P NC Sells 124,806 Shares of Ovintiv Inc. (NYSE:OVV)

Wedge Capital Management L L P NC lessened its holdings in Ovintiv Inc. (NYSE:OVV) by 23.2% in the first quarter, HoldingsChannel reports. The fund owned 414,096 shares of the company’s stock after selling 124,806 shares during the period. Wedge Capital Management L L P NC’s holdings in Ovintiv were worth $17,723,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Arrowstreet Capital Limited Partnership raised its stake in Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company’s stock worth $99,587,000 after purchasing an additional 2,312,292 shares during the period. Alyeska Investment Group L.P. raised its position in shares of Ovintiv by 243.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company’s stock valued at $103,870,000 after buying an additional 1,818,337 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock valued at $132,992,000 after buying an additional 1,348,221 shares in the last quarter. Finally, Webs Creek Capital Management LP bought a new stake in shares of Ovintiv in the fourth quarter valued at approximately $54,086,000. Institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

OVV has been the topic of a number of recent research reports. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Wells Fargo & Company increased their target price on Ovintiv from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 22nd. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Mizuho dropped their price target on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. Finally, BMO Capital Markets upgraded shares of Ovintiv from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Ovintiv currently has an average rating of “Buy” and an average target price of $55.65.

Ovintiv Stock Up 3.0%

OVV stock opened at $38.19 on Friday. The firm has a 50-day moving average price of $35.41 and a 200-day moving average price of $39.98. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $49.57. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market capitalization of $9.92 billion, a P/E ratio of 5.06 and a beta of 1.14.

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

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.14%. Ovintiv’s dividend payout ratio (DPR) is presently 51.06%.

Ovintiv 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.