Victory Capital Management Inc. Reduces Holdings in Ovintiv Inc. (NYSE:OVV)

Victory Capital Management Inc. lowered its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,351,311 shares of the company's stock after selling 39,187 shares during the period. Victory Capital Management Inc. owned 0.52% of Ovintiv worth $57,836,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC bought a new position in Ovintiv in the 4th quarter worth $28,000. Mizuho Bank Ltd. purchased a new position in shares of Ovintiv during the fourth quarter valued at about $40,000. Optiver Holding B.V. purchased a new position in Ovintiv in the fourth quarter worth about $40,000. Quent Capital LLC grew its position in Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after acquiring an additional 674 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Ovintiv in the first quarter worth about $68,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

NYSE OVV traded down $0.82 during trading hours on Monday, hitting $39.24. The company had a trading volume of 1,484,779 shares, compared to its average volume of 3,358,898. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $48.35. The company has a market cap of $10.19 billion, a PE ratio of 16.69, a price-to-earnings-growth ratio of 2.22 and a beta of 1.08. The business has a 50 day moving average of $38.90 and a 200-day moving average of $39.66.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. As a group, equities research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.30 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.06%. Ovintiv's payout ratio is currently 51.06%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wells Fargo & Company decreased their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and upped their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. Mizuho lowered their target price 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. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and raised their price target for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Finally, Morgan Stanley reissued an "overweight" rating and issued a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $53.81.

About Ovintiv

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.