Rhumbline Advisers Has $31.88 Million Position in Ovintiv Inc. (NYSE:OVV)

Rhumbline Advisers lessened its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 1.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 744,918 shares of the company's stock after selling 14,118 shares during the period. Rhumbline Advisers owned approximately 0.29% of Ovintiv worth $31,882,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in shares of Ovintiv by 7,266.9% in the first quarter. GAMMA Investing LLC now owns 237,583 shares of the company's stock valued at $10,169,000 after buying an additional 234,358 shares during the period. Quent Capital LLC boosted its holdings 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 buying an additional 674 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of 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 buying an additional 26,366 shares during the period. PKO Investment Management Joint Stock Co acquired a new position in shares of Ovintiv in the fourth quarter valued at approximately $344,000. Finally, Siemens Fonds Invest GmbH acquired a new position in shares of Ovintiv in the fourth quarter valued at approximately $1,348,000. Institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

OVV stock traded up $1.13 during mid-day trading on Friday, hitting $38.19. The stock had a trading volume of 2,781,267 shares, compared to its average volume of 3,354,942. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $49.57. The firm has a market capitalization of $9.92 billion, a P/E ratio of 5.06 and a beta of 1.09. The firm has a fifty day simple moving average of $35.41 and a 200 day simple moving average of $39.94.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. As a group, research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's dividend payout ratio is currently 51.06%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on OVV. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Mizuho reduced their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Barclays reduced their target price on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Morgan Stanley restated an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a report on Tuesday, April 15th. Finally, Wells Fargo & Company increased their target price on shares of Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $55.65.

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.