Worldquant Millennium Advisors LLC Cuts Position in Ovintiv Inc. (NYSE:OVV)

Worldquant Millennium Advisors LLC lessened its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 57.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 270,771 shares of the company's stock after selling 364,102 shares during the period. Worldquant Millennium Advisors LLC owned approximately 0.10% of Ovintiv worth $10,966,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of OVV. Park Avenue Securities LLC grew its holdings in Ovintiv by 8.9% during the fourth quarter. Park Avenue Securities LLC now owns 6,845 shares of the company's stock worth $277,000 after acquiring an additional 558 shares during the period. Merit Financial Group LLC acquired a new stake in Ovintiv in the fourth quarter valued at $333,000. UMB Bank n.a. grew its holdings in Ovintiv by 87.8% in the fourth quarter. UMB Bank n.a. now owns 2,473 shares of the company's stock valued at $100,000 after purchasing an additional 1,156 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after purchasing an additional 360 shares during the last quarter. Finally, Crossmark Global Holdings Inc. grew its holdings in Ovintiv by 341.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 68,792 shares of the company's stock valued at $2,786,000 after purchasing an additional 53,221 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on OVV shares. National Bankshares upped their target price on Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Wells Fargo & Company upped their target price on Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a report on Tuesday, April 22nd. Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and upped their target price for the company from $55.00 to $57.00 in a report on Monday, March 24th. Finally, Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Ovintiv has an average rating of "Buy" and a consensus target price of $55.65.

Ovintiv Trading Up 0.9%

NYSE OVV traded up $0.31 during trading hours on Tuesday, hitting $36.17. 988,399 shares of the company's stock were exchanged, compared to its average volume of 3,436,340. The business's 50 day moving average is $36.50 and its 200-day moving average is $40.39. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $51.72. The firm has a market capitalization of $9.40 billion, a P/E ratio of 4.80 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results 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 return on equity of 17.87% and a net margin of 20.15%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. As a group, analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.32%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

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.