Woodline Partners LP Lowers Stake in Ovintiv Inc. $OVV

Key Points

• Woodline Partners LP has reduced its stake in Ovintiv Inc. by 24.8%, now owning approximately 1.62 million shares worth $69.54 million.
• Several institutional investors increased their positions in Ovintiv, with Charles Schwab Investment Management growing its stake by an impressive 383.8%.
• Ovintiv announced a quarterly dividend of $0.30 per share, scheduled for payment on September 29th, reflecting a 2.9% yield on an annualized basis.

Woodline Partners LP lessened its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 24.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,624,857 shares of the company's stock after selling 536,041 shares during the period. Woodline Partners LP owned 0.63% of Ovintiv worth $69,544,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of OVV. Atlas Capital Advisors Inc. raised its holdings in shares of Ovintiv by 1,681.1% during the first quarter. Atlas Capital Advisors Inc. now owns 13,875 shares of the company's stock valued at $594,000 after acquiring an additional 13,096 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Ovintiv by 54.3% in the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company's stock valued at $41,211,000 after purchasing an additional 338,866 shares during the last quarter. Raymond James Financial Inc. raised its stake in Ovintiv by 204.2% in the 1st quarter. Raymond James Financial Inc. now owns 583,839 shares of the company's stock valued at $24,988,000 after purchasing an additional 391,923 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock valued at $396,267,000 after purchasing an additional 7,344,796 shares in the last quarter. Finally, Maverick Capital Ltd. boosted its stake in Ovintiv by 135.3% during the 1st quarter. Maverick Capital Ltd. now owns 13,492 shares of the company's stock worth $577,000 after purchasing an additional 7,758 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Trading Down 1.2%

OVV traded down $0.52 during trading hours on Thursday, reaching $42.35. The company's stock had a trading volume of 3,258,737 shares, compared to its average volume of 2,773,814. The stock has a market cap of $10.89 billion, a PE ratio of 18.74, a P/E/G ratio of 5.51 and a beta of 1.08. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The business's 50-day moving average is $40.61 and its 200-day moving average is $38.83.

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

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Ovintiv's payout ratio is 53.10%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on OVV shares. UBS Group upped their target price on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Barclays upped their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Morgan Stanley set a $48.00 price target on Ovintiv and gave the company an "equal weight" rating in a research report on Monday, August 18th. Finally, Scotiabank lifted their price objective on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Ovintiv presently has an average rating of "Buy" and an average price target of $53.07.

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.