Wedge Capital Management L L P NC Acquires 20,168 Shares of Ovintiv Inc. (NYSE:OVV)

Wedge Capital Management L L P NC increased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 3.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 555,472 shares of the company’s stock after purchasing an additional 20,168 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Ovintiv were worth $21,280,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Creekmur Asset Management LLC bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $68,000. SageView Advisory Group LLC bought a new stake in shares of Ovintiv during the fourth quarter worth $500,000. PNC Financial Services Group Inc. grew its holdings in shares of Ovintiv by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock worth $631,000 after purchasing an additional 1,416 shares during the last quarter. HighPoint Advisor Group LLC purchased a new stake in Ovintiv in the 4th quarter valued at about $173,000. Finally, Kapitalo Investimentos Ltda increased its position in shares of Ovintiv by 25.7% during the fourth quarter. Kapitalo Investimentos Ltda now owns 9,946 shares of the company’s stock worth $437,000 after acquiring an additional 2,036 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

OVV traded down $0.72 on Monday, reaching $42.41. 518,585 shares of the stock were exchanged, compared to its average volume of 3,124,601. The company’s 50-day moving average price is $41.41 and its 200 day moving average price is $46.54. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $11.32 billion, a PE ratio of 6.02, a PEG ratio of 8.02 and a beta of 2.61. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, sell-side analysts forecast that Ovintiv Inc. will post 4.9 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.83%. Ovintiv’s payout ratio is currently 16.76%.

Analysts Set New Price Targets

A number of brokerages have weighed in on OVV. Wells Fargo & Company decreased their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. JPMorgan Chase & Co. cut their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Mizuho dropped their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. UBS Group cut their target price on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Finally, Truist Financial lowered their price target on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and an average target price of $57.00.

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.