Brandywine Global Investment Management LLC Sells 26,332 Shares of Ovintiv Inc. $OVV

Brandywine Global Investment Management LLC decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 13.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 171,942 shares of the company’s stock after selling 26,332 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Ovintiv were worth $6,542,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its position in Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock worth $396,267,000 after buying an additional 7,344,796 shares during the period. AQR Capital Management LLC grew its stake in shares of Ovintiv by 69.7% in the first quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock worth $238,513,000 after acquiring an additional 2,288,989 shares during the last quarter. Fuller & Thaler Asset Management Inc. bought a new position in Ovintiv during the first quarter worth $56,865,000. Nuveen LLC acquired a new position in Ovintiv during the 1st quarter valued at $46,603,000. Finally, Amundi raised its stake in Ovintiv by 86.3% during the 1st quarter. Amundi now owns 2,231,116 shares of the company’s stock valued at $87,125,000 after purchasing an additional 1,033,309 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

NYSE:OVV opened at $39.00 on Friday. The firm has a market capitalization of $9.88 billion, a PE ratio of 17.26, a price-to-earnings-growth ratio of 1.89 and a beta of 1.00. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $47.04. The firm has a 50-day moving average price of $38.96 and a 200 day moving average price of $39.34.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.06. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $1.86 billion. Research analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. Ovintiv’s dividend payout ratio (DPR) is presently 131.87%.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OVV. Citigroup decreased their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, November 18th. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, November 17th. Morgan Stanley cut their price target on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a report on Tuesday, October 14th. JPMorgan Chase & Co. decreased their price objective on Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 3rd. Finally, Barclays lowered their price objective on Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average target price of $51.94.

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.