Wedge Capital Management L L P NC Grows Position in Ovintiv Inc. $OVV

Key Points

• Wedge Capital Management L L P NC increased its stake in Ovintiv Inc. by 2.1%, acquiring an additional 8,648 shares, bringing its total holdings to 422,744 shares valued at $16,085,000.
• Ovintiv is set to distribute a quarterly dividend of $0.30 on September 29th, resulting in an annualized dividend of $1.20 with a yield of 2.9%.
• Analysts have generally rated Ovintiv positively, with a consensus price target of $52.53 and notable ratings including two "Strong Buy" and twelve "Buy" recommendations.

Wedge Capital Management L L P NC boosted its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 2.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 422,744 shares of the company's stock after acquiring an additional 8,648 shares during the period. Wedge Capital Management L L P NC owned 0.16% of Ovintiv worth $16,085,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in OVV. Gateway Investment Advisers LLC raised its stake in shares of Ovintiv by 140.6% during the second quarter. Gateway Investment Advisers LLC now owns 31,780 shares of the company's stock worth $1,209,000 after purchasing an additional 18,572 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Ovintiv during the 2nd quarter worth $1,249,000. Lifestyle Asset Management Inc. lifted its stake in shares of Ovintiv by 46.8% in the 2nd quarter. Lifestyle Asset Management Inc. now owns 28,170 shares of the company's stock worth $1,072,000 after acquiring an additional 8,987 shares during the period. Inspire Investing LLC boosted its holdings in shares of Ovintiv by 303.9% in the first quarter. Inspire Investing LLC now owns 25,731 shares of the company's stock valued at $1,101,000 after acquiring an additional 19,361 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of Ovintiv during the first quarter worth about $8,860,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

OVV has been the topic of several recent analyst reports. UBS Group boosted their target price on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Mizuho reduced their target price on Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Barclays upped their price target on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wells Fargo & Company reduced their price objective 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. Finally, Scotiabank upped 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. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv has an average rating of "Buy" and an average price target of $52.53.

Ovintiv Trading Up 0.2%

Shares of NYSE:OVV traded up $0.10 during midday trading on Monday, reaching $41.35. The company's stock had a trading volume of 2,571,062 shares, compared to its average volume of 3,495,247. The firm has a market cap of $10.63 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 5.30 and a beta of 1.08. The business has a 50 day moving average price of $40.73 and a 200 day moving average price of $38.85. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

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

Ovintiv Dividend Announcement

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

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.