Woodline Partners LP Sells 823,315 Shares of Ovintiv Inc. (NYSE:OVV)

Woodline Partners LP trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 27.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,160,898 shares of the company's stock after selling 823,315 shares during the period. Ovintiv makes up 0.6% of Woodline Partners LP's investment portfolio, making the stock its 26th largest holding. Woodline Partners LP owned about 0.83% of Ovintiv worth $87,516,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Colonial Trust Co SC bought a new position in shares of Ovintiv during the 4th quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares in the last quarter. Optiver Holding B.V. bought a new position in shares of Ovintiv during the 4th quarter worth approximately $40,000. Finally, Mizuho Bank Ltd. bought a new position in shares of Ovintiv during the 4th quarter worth approximately $40,000. 83.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Barclays cut their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and upped their target price for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Wells Fargo & Company upped their target price on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Tuesday, April 22nd. Finally, National Bankshares upped their target price on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $55.65.

Ovintiv Stock Up 0.4%

NYSE OVV traded up $0.14 on Friday, reaching $35.81. The company had a trading volume of 3,202,824 shares, compared to its average volume of 3,256,787. The stock has a market capitalization of $9.30 billion, a P/E ratio of 4.75 and a beta of 1.14. The company's fifty day moving average is $36.63 and its 200 day moving average is $40.45. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $51.72. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. Sell-side analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's payout ratio is currently 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.