Wedge Capital Management L L P NC Sells 124,806 Shares of Ovintiv Inc. (NYSE:OVV)

Wedge Capital Management L L P NC lowered its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 23.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 414,096 shares of the company's stock after selling 124,806 shares during the quarter. Wedge Capital Management L L P NC owned 0.16% of Ovintiv worth $17,723,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Ovintiv by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock worth $1,193,272,000 after purchasing an additional 451,947 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Ovintiv by 14.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after buying an additional 683,700 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Ovintiv by 1,732.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after acquiring an additional 3,203,087 shares during the period. AQR Capital Management LLC boosted its position in shares of Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after acquiring an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Ovintiv by 0.3% in the fourth quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company's stock valued at $118,530,000 after acquiring an additional 8,168 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of analyst reports. Morgan Stanley restated an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a research note on Tuesday, April 15th. BMO Capital Markets raised 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. Barclays decreased their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wells Fargo & Company upped their price target on Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research report on Tuesday, April 22nd. Finally, Scotiabank upgraded Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Ovintiv currently has an average rating of "Buy" and an average target price of $55.65.

Ovintiv Price Performance

Shares of OVV stock traded up $1.13 during trading hours on Friday, reaching $38.19. 2,781,267 shares of the company were exchanged, compared to its average volume of 3,354,942. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $49.57. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock's fifty day moving average is $35.41 and its two-hundred day moving average is $39.98. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 5.06 and a beta of 1.09.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping 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 during the quarter, compared to analysts' expectations of $2.23 billion. Sell-side analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Friday, June 13th. 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.