Wedge Capital Management L L P NC Lowers Stock Position in Ovintiv Inc. $OVV

Wedge Capital Management L L P NC cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 22.7% in the second quarter, Holdings Channel.com reports. The fund owned 223,339 shares of the company’s stock after selling 65,720 shares during the period. Wedge Capital Management L L P NC’s holdings in Ovintiv were worth $11,759,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Stifel Financial Corp boosted its position in shares of Ovintiv by 1.4% during the 4th quarter. Stifel Financial Corp now owns 19,113 shares of the company’s stock worth $749,000 after purchasing an additional 269 shares during the period. CX Institutional raised its position in Ovintiv by 1.0% in the second quarter. CX Institutional now owns 28,363 shares of the company’s stock valued at $1,493,000 after purchasing an additional 276 shares during the period. Root Financial Partners LLC raised its position in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares during the period. Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares during the period. Finally, Sanctuary Advisors LLC lifted its stake in Ovintiv by 2.6% during the first quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock worth $773,000 after purchasing an additional 324 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Ovintiv stock opened at $63.38 on Thursday. The firm has a market cap of $17.46 billion, a PE ratio of 17.90 and a beta of 0.53. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $64.61. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The company’s 50 day moving average is $57.12 and its two-hundred day moving average is $55.20.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. On average, research analysts expect that Ovintiv Inc. will post 6.87 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

Analyst Ratings Changes

Several research analysts have recently commented on OVV shares. Morgan Stanley lowered their price target on Ovintiv from $68.00 to $65.00 and set an “equal weight” rating for the company in a research report on Monday, June 29th. Scotiabank upgraded Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. Roth Capital increased their target price on Ovintiv from $50.00 to $55.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. Stephens restated a “positive” rating and set a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. Finally, Royal Bank Of Canada raised their target price on Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.79.

About Ovintiv

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.