Wedge Capital Management L L P NC Grows Stock Position in Ovintiv Inc. (NYSE:OVV)

Wedge Capital Management L L P NC increased its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 3.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 555,472 shares of the company's stock after purchasing an additional 20,168 shares during the period. Wedge Capital Management L L P NC owned approximately 0.21% of Ovintiv worth $21,280,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. American National Bank bought a new position in shares of Ovintiv in the first quarter worth approximately $27,000. Innealta Capital LLC bought a new position in shares of Ovintiv during the second quarter valued at about $39,000. Geneos Wealth Management Inc. increased its holdings in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company's stock worth $45,000 after buying an additional 300 shares during the period. UMB Bank n.a. increased its stake in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after purchasing an additional 286 shares during the period. Finally, Creekmur Asset Management LLC purchased a new stake in Ovintiv during the 4th quarter valued at $68,000. 83.81% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

OVV has been the topic of a number of research analyst reports. UBS Group reduced their price target on Ovintiv from $61.00 to $57.00 and set a "buy" rating on the stock in a report on Wednesday, September 18th. Wells Fargo & Company reduced their target price on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 1st. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a report on Thursday, September 12th. Evercore ISI reduced their price objective on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, September 30th. Finally, Citigroup decreased their target price on Ovintiv from $58.00 to $55.00 and set a "buy" rating for the company in a research report on Monday, October 7th. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $57.00.

Ovintiv Stock Performance

Shares of Ovintiv stock traded down $0.59 on Monday, hitting $42.54. 1,852,151 shares of the company's stock were exchanged, compared to its average volume of 3,131,334. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a 50-day simple moving average of $41.47 and a 200-day simple moving average of $46.47. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The stock has a market capitalization of $11.36 billion, a PE ratio of 5.94, a PEG ratio of 8.02 and a beta of 2.61.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. As a group, equities analysts anticipate that Ovintiv Inc. will post 4.9 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.82%. The ex-dividend date was Friday, September 13th. Ovintiv's dividend payout ratio is currently 16.76%.

Ovintiv Company 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.