Patient Capital Management LLC reduced its position in Ovintiv Inc. (NYSE:OVV – Get Rating) by 2.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 250,400 shares of the company’s stock after selling 7,500 shares during the period. Ovintiv comprises approximately 6.2% of Patient Capital Management LLC’s holdings, making the stock its biggest holding. Patient Capital Management LLC owned 0.10% of Ovintiv worth $12,698,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of OVV. State Street Corp boosted its holdings in shares of Ovintiv by 5.4% in the 1st quarter. State Street Corp now owns 7,790,880 shares of the company’s stock valued at $421,253,000 after purchasing an additional 396,726 shares during the last quarter. Smead Capital Management Inc. acquired a new position in shares of Ovintiv during the 4th quarter valued at $201,837,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Ovintiv by 63.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock valued at $213,604,000 after acquiring an additional 1,530,397 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Ovintiv by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 3,377,549 shares of the company’s stock valued at $171,061,000 after acquiring an additional 69,047 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of Ovintiv by 27.0% during the 4th quarter. First Trust Advisors LP now owns 2,555,290 shares of the company’s stock valued at $129,577,000 after acquiring an additional 543,052 shares in the last quarter. 76.76% of the stock is owned by hedge funds and other institutional investors.
Ovintiv Trading Down 0.3 %
Ovintiv stock traded down $0.11 during midday trading on Monday, reaching $37.61. The stock had a trading volume of 4,112,792 shares, compared to its average volume of 3,429,689. The firm’s fifty day simple moving average is $35.98 and its two-hundred day simple moving average is $42.74. Ovintiv Inc. has a twelve month low of $32.07 and a twelve month high of $59.10. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of 2.20, a PEG ratio of 0.33 and a beta of 2.79.
Ovintiv Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be given a $0.30 dividend. This is an increase from Ovintiv’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.19%. Ovintiv’s dividend payout ratio is presently 5.84%.
Wall Street Analysts Forecast Growth
Several equities analysts recently weighed in on OVV shares. Mizuho reduced their target price on shares of Ovintiv from $66.00 to $62.00 in a report on Friday, May 19th. UBS Group initiated coverage on shares of Ovintiv in a report on Wednesday, April 19th. They issued a “buy” rating and a $52.00 price objective on the stock. Morgan Stanley cut their price objective on shares of Ovintiv from $51.00 to $47.00 and set an “equal weight” rating on the stock in a report on Monday, March 27th. National Bankshares cut their price objective on shares of Ovintiv from $66.00 to $61.00 and set an “outperform” rating on the stock in a report on Tuesday, April 4th. Finally, JPMorgan Chase & Co. lowered shares of Ovintiv from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $59.00 to $53.00 in a report on Tuesday, March 14th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $60.05.
Ovintiv Company Profile
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company’s principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.