Wedge Capital Management L L P NC Acquires 68,682 Shares of Ovintiv Inc. (NYSE:OVV)

Wedge Capital Management L L P NC raised its stake in shares of Ovintiv Inc. (NYSE:OVV) by 18.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 436,086 shares of the company’s stock after purchasing an additional 68,682 shares during the period. Wedge Capital Management L L P NC’s holdings in Ovintiv were worth $19,153,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Duality Advisers LP acquired a new position in shares of Ovintiv in the 4th quarter worth approximately $250,000. Xponance Inc. boosted its position in Ovintiv by 1.4% during the fourth quarter. Xponance Inc. now owns 42,424 shares of the company’s stock valued at $1,863,000 after acquiring an additional 601 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Ovintiv during the 4th quarter worth about $224,000. Daiwa Securities Group Inc. raised its position in shares of Ovintiv by 6.6% in the 4th quarter. Daiwa Securities Group Inc. now owns 16,100 shares of the company’s stock worth $707,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its stake in Ovintiv by 6.5% in the fourth quarter. Avior Wealth Management LLC now owns 10,397 shares of the company’s stock valued at $457,000 after buying an additional 636 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Howard John Mayson sold 6,000 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the completion of the transaction, the director now directly owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Ovintiv news, EVP Rachel Maureen Moore sold 9,300 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $50.65, for a total value of $471,045.00. Following the sale, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the transaction, the director now directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,564 shares of company stock valued at $4,660,818. Company insiders own 0.97% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. National Bankshares reduced their target price on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, January 10th. Scotiabank decreased their price objective on Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, January 16th. Citigroup increased their target price on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Jefferies Financial Group boosted their price target on shares of Ovintiv from $59.00 to $69.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Finally, Morgan Stanley lifted their price objective on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $56.71.

Ovintiv Price Performance

Ovintiv stock opened at $51.77 on Tuesday. The stock has a market cap of $13.92 billion, a P/E ratio of 6.61 and a beta of 2.65. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average price is $50.21 and its two-hundred day moving average price is $46.48. Ovintiv Inc. has a 52 week low of $32.07 and a 52 week high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The business had revenue of $3.17 billion for the quarter, compared to analysts’ expectations of $2.75 billion. On average, equities analysts predict that Ovintiv Inc. will post 6.36 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.32%. Ovintiv’s dividend payout ratio (DPR) is presently 15.21%.

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.