Ovintiv Inc. (NYSE:OVV) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 744,918 shares of the company's stock after selling 14,118 shares during the period. Rhumbline Advisers owned about 0.29% of Ovintiv worth $31,882,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of OVV. GAMMA Investing LLC raised its holdings in Ovintiv by 7,266.9% in the 1st quarter. GAMMA Investing LLC now owns 237,583 shares of the company's stock valued at $10,169,000 after acquiring an additional 234,358 shares during the last quarter. Quent Capital LLC grew its position in shares of Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after purchasing an additional 674 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Ovintiv by 198.9% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 39,622 shares of the company's stock valued at $1,605,000 after purchasing an additional 26,366 shares during the last quarter. PKO Investment Management Joint Stock Co acquired a new position in Ovintiv in the fourth quarter valued at $344,000. Finally, Siemens Fonds Invest GmbH purchased a new position in Ovintiv during the fourth quarter worth about $1,348,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on OVV. Barclays dropped their price objective on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Mizuho cut their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Wells Fargo & Company lifted their price target on shares of Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a report on Tuesday, April 22nd. Scotiabank upgraded Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Finally, Williams Trading set a $58.00 target price on Ovintiv in a research report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $55.65.

Ovintiv Stock Up 3.0%

Shares of OVV traded up $1.13 during mid-day trading on Friday, reaching $38.19. 2,781,267 shares of the stock traded hands, compared to its average volume of 3,346,605. The stock has a fifty day simple moving average of $35.52 and a 200 day simple moving average of $40.07. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $49.57. 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 firm has a market cap of $9.92 billion, a price-to-earnings ratio of 5.06 and a beta of 1.14.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.22. The firm 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%. Sell-side analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a 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.