Man Group plc Trims Position in Ovintiv Inc. (NYSE:OVV)

Man Group plc trimmed its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 39.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 574,182 shares of the company's stock after selling 378,730 shares during the period. Man Group plc owned about 0.22% of Ovintiv worth $23,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Colonial Trust Co SC purchased a new stake in shares of Ovintiv in the fourth quarter valued at approximately $28,000. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Ovintiv by 100.8% in 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 during the period. Smartleaf Asset Management LLC grew its position 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. Mizuho Bank Ltd. bought a new position in shares of Ovintiv during the 4th quarter worth $40,000. Finally, Optiver Holding B.V. purchased a new position in shares of Ovintiv during the fourth quarter valued at $40,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Morgan Stanley reiterated an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Williams Trading set a $58.00 target price on Ovintiv in a report on Wednesday, March 5th. Finally, Mizuho cut their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $55.65.

Ovintiv Stock Down 3.5%

Shares of OVV stock opened at $37.63 on Friday. The stock's fifty day moving average price is $37.05 and its 200 day moving average price is $40.58. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $51.72. The company has a market cap of $9.78 billion, a price-to-earnings ratio of 4.99 and a beta of 1.14. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. On average, research analysts expect 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. Shareholders of record on Friday, June 13th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 3.19%. Ovintiv's payout ratio is 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.

Want to see what other hedge funds are holding OVV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Ovintiv Inc. (NYSE:OVV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.