Wedge Capital Management L L P NC Sells 71,567 Shares of Ovintiv Inc. $OVV

Wedge Capital Management L L P NC lowered its stake in Ovintiv Inc. (NYSE:OVV) by 19.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 300,570 shares of the company’s stock after selling 71,567 shares during the period. Wedge Capital Management L L P NC’s holdings in Ovintiv were worth $11,779,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of OVV. AQR Capital Management LLC grew its position in Ovintiv by 263.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock worth $199,866,000 after acquiring an additional 3,589,030 shares during the last quarter. Adage Capital Partners GP L.L.C. lifted its position in Ovintiv by 143.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock valued at $142,278,000 after purchasing an additional 2,205,233 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Ovintiv by 25.8% during the third quarter. Dimensional Fund Advisors LP now owns 9,389,865 shares of the company’s stock valued at $379,165,000 after purchasing an additional 1,927,193 shares during the period. Evergreen Capital Management LLC purchased a new stake in shares of Ovintiv during the third quarter valued at approximately $60,866,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Ovintiv in the second quarter worth approximately $41,701,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Up 1.4%

Shares of NYSE:OVV opened at $62.09 on Friday. The firm has a market capitalization of $17.59 billion, a P/E ratio of 12.83, a P/E/G ratio of 2.57 and a beta of 0.69. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The stock has a 50 day moving average price of $49.59 and a 200-day moving average price of $42.91. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $62.60.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.41. The company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.During the same period in the previous year, the company posted ($0.23) earnings per share. As a group, equities research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be given a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. Ovintiv’s dividend payout ratio is currently 24.79%.

Insider Activity

In related news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the transaction, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This trade represents a 9.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of the business’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the sale, the executive vice president directly owned 54,092 shares in the company, valued at $2,963,159.76. The trade was a 17.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

OVV has been the topic of several analyst reports. JPMorgan Chase & Co. assumed coverage on shares of Ovintiv in a research note on Wednesday, February 25th. They issued an “overweight” rating and a $58.00 target price on the stock. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. Truist Financial assumed coverage on shares of Ovintiv in a report on Tuesday, March 24th. They issued a “buy” rating and a $70.00 price target on the stock. Morgan Stanley assumed coverage on shares of Ovintiv in a research report on Friday. They issued an “equal weight” rating and a $68.00 price objective on the stock. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $54.00 price objective on shares of Ovintiv in a research note on Saturday, January 17th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.11.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.