Ovintiv Inc. $OVV Shares Sold by Woodline Partners LP

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 cut its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 24.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,624,857 shares of the company's stock after selling 536,041 shares during the period. Woodline Partners LP owned approximately 0.63% of Ovintiv worth $69,544,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OVV. Charles Schwab Investment Management Inc. boosted its stake in shares of Ovintiv by 383.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after buying an additional 7,344,796 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock worth $238,513,000 after buying an additional 2,288,989 shares during the last quarter. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Ovintiv in the first quarter worth about $56,865,000. Nuveen LLC purchased a new stake in shares of Ovintiv in the first quarter worth about $46,603,000. Finally, Amundi boosted its position in Ovintiv by 86.3% during the first quarter. Amundi now owns 2,231,116 shares of the company's stock worth $87,125,000 after purchasing an additional 1,033,309 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

Shares of NYSE:OVV traded down $0.46 during midday trading on Friday, hitting $41.91. The company had a trading volume of 2,138,929 shares, compared to its average volume of 2,838,529. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month 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 stock has a market cap of $10.77 billion, a price-to-earnings ratio of 18.54, a price-to-earnings-growth ratio of 5.44 and a beta of 1.08. The business's 50-day simple moving average is $40.65 and its 200-day simple moving average is $38.81.

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

Ovintiv Announces Dividend

The business also recently declared 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 dividend yield of 2.9%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio (DPR) is currently 53.10%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on OVV shares. Citigroup set a $54.00 price target on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. UBS Group increased their price target on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and increased their price target for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Morgan Stanley set a $48.00 price target on Ovintiv and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Finally, Wells Fargo & Company reduced their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. 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. According to data from MarketBeat, Ovintiv currently has an average rating of "Buy" and a consensus target price 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.