Dynamic Technology Lab Private Ltd Sells 7,130 Shares of Ovintiv Inc. $OVV

Key Points

• Dynamic Technology Lab Private Ltd reduced its holdings in Ovintiv Inc. by 17.3%, selling 7,130 shares during the first quarter, resulting in 34,149 shares valued at approximately $1.46 million.
• Ovintiv's stock price decreased 3.5%, opening at $41.09, with a 52-week trading range of $29.80 to $47.18.
• The company recently declared a quarterly dividend of $0.30 per share, to be paid on September 29th, with an annualized yield of 2.9%.

Dynamic Technology Lab Private Ltd decreased its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 17.3% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 34,149 shares of the company's stock after selling 7,130 shares during the period. Dynamic Technology Lab Private Ltd's holdings in Ovintiv were worth $1,462,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in OVV. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 383.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after buying an additional 7,344,796 shares during the period. AQR Capital Management LLC boosted its position in Ovintiv by 69.7% during the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after buying an additional 2,288,989 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new stake in Ovintiv during the 1st quarter valued at $56,865,000. Nuveen LLC purchased a new stake in Ovintiv during the 1st quarter valued at $46,603,000. Finally, Amundi boosted its position in Ovintiv by 86.3% during the 1st quarter. Amundi now owns 2,231,116 shares of the company's stock valued at $87,125,000 after buying an additional 1,033,309 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on OVV shares. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and increased their price target for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Barclays raised their target price on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Scotiabank raised their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Finally, TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Ovintiv presently has an average rating of "Buy" and an average target price of $53.07.

Ovintiv Stock Down 0.9%

NYSE:OVV traded down $0.38 on Friday, reaching $41.99. 1,195,962 shares of the stock traded hands, compared to its average volume of 3,498,133. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 5.51 and a beta of 1.08. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The company's fifty day simple moving average is $40.61 and its 200 day simple moving average is $38.83.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. Equities analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.9%. Ovintiv's payout ratio is currently 53.10%.

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.