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

Wedge Capital Management L L P NC cut its holdings in Ovintiv Inc. (NYSE:OVV) by 19.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 300,570 shares of the company’s stock after selling 71,567 shares during the period. Wedge Capital Management L L P NC owned 0.12% of Ovintiv worth $11,779,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. McIlrath & Eck LLC bought a new position in shares of Ovintiv in the third quarter worth $31,000. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Ovintiv during the 3rd quarter valued at $36,000. HM Payson & Co. purchased a new stake in Ovintiv during the 3rd quarter worth about $36,000. Quent Capital LLC purchased a new stake in Ovintiv during the 3rd quarter worth about $37,000. Finally, MAI Capital Management boosted its stake in Ovintiv by 174.6% in the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock worth $45,000 after purchasing an additional 744 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on OVV shares. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 target price on shares of Ovintiv in a report on Thursday, February 19th. National Bank Financial increased their price target on shares of Ovintiv from $56.00 to $58.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. Mizuho raised their price objective on shares of Ovintiv from $55.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, March 17th. The Goldman Sachs Group boosted their price objective on shares of Ovintiv from $49.00 to $62.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Finally, Zacks Research raised shares of Ovintiv from a “strong sell” rating to a “hold” rating in a report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $58.11.

Insider Activity

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

Ovintiv Stock Performance

Ovintiv stock opened at $62.09 on Friday. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $62.60. 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 market cap of $17.59 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 2.57 and a beta of 0.69. The firm’s fifty day moving average price is $49.59 and its 200-day moving average price is $42.91.

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

Ovintiv Announces Dividend

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

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.