Price T Rowe Associates Inc. MD Sells 202,600 Shares of Ovintiv Inc. $OVV

Key Points

• Price T Rowe Associates Inc. has reduced its holdings in Ovintiv Inc. by 8.2%, selling 202,600 shares, and now owns approximately 2.26 million shares, valued at around $96.57 million.
• Several large investors, including Vanguard Group Inc. and Charles Schwab Investment Management Inc., have increased their stakes in Ovintiv, highlighting increased institutional interest in the company.
• Ovintiv recently announced a quarterly dividend of $0.30 per share, equating to an annualized dividend of $1.20 and a yield of 2.9%, with a dividend payout ratio of 53.10%.

Price T Rowe Associates Inc. MD cut its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 8.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,256,281 shares of the company's stock after selling 202,600 shares during the period. Price T Rowe Associates Inc. MD owned 0.87% of Ovintiv worth $96,569,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Ovintiv by 3.3% during the first quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock worth $1,302,113,000 after purchasing an additional 959,711 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Ovintiv by 383.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after purchasing an additional 7,344,796 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Ovintiv by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company's stock worth $244,338,000 after purchasing an additional 146,749 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Ovintiv by 69.7% during the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Ovintiv by 0.6% during the first quarter. Bank of New York Mellon Corp now owns 2,945,159 shares of the company's stock worth $126,053,000 after purchasing an additional 18,490 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

Shares of OVV opened at $41.2610 on Tuesday. The business's 50-day moving average is $40.04 and its two-hundred day moving average is $38.97. The company has a market capitalization of $10.61 billion, a P/E ratio of 18.26, a P/E/G ratio of 5.10 and a beta of 1.10. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18.

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

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a dividend of $0.30 per share. 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 dividend payout ratio (DPR) is 53.10%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Morgan Stanley set a $48.00 target price on Ovintiv and gave the company an "equal weight" rating in a research report on Monday, August 18th. Citigroup set a $54.00 target price on Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. TD Cowen raised Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Scotiabank upped their target price on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Finally, The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and upped their target price for the company from $47.00 to $51.00 in a research report on Tuesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Ovintiv currently has a consensus rating of "Buy" and a consensus price target of $53.07.

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.

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