Rhumbline Advisers Has $26.48 Million Stock Position in Ovintiv Inc. $OVV

Rhumbline Advisers reduced its stake in Ovintiv Inc. (NYSE:OVV) by 6.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 695,839 shares of the company’s stock after selling 49,079 shares during the period. Rhumbline Advisers owned 0.27% of Ovintiv worth $26,477,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Ovintiv by 3.3% in the first quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company’s stock valued at $1,302,113,000 after buying an additional 959,711 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Ovintiv by 383.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company’s stock valued at $396,267,000 after acquiring an additional 7,344,796 shares during the last quarter. Hotchkis & Wiley Capital Management LLC raised its position in shares of Ovintiv by 3.5% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company’s stock valued at $361,110,000 after acquiring an additional 284,656 shares during the period. Dimensional Fund Advisors LP boosted its stake in Ovintiv by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company’s stock worth $244,338,000 after acquiring an additional 146,749 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in Ovintiv by 69.7% during the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company’s stock worth $238,513,000 after acquiring an additional 2,288,989 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Up 3.6%

Shares of Ovintiv stock opened at $40.44 on Thursday. The firm has a market cap of $10.24 billion, a PE ratio of 17.89, a P/E/G ratio of 1.89 and a beta of 1.00. The business’s 50 day simple moving average is $38.84 and its 200 day simple moving average is $39.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $46.45.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. The firm had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. On average, analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. Ovintiv’s dividend payout ratio (DPR) is 131.87%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on OVV. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a report on Monday. Evercore ISI reiterated an “outperform” rating and set a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. UBS Group raised their price target on Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, November 21st. Mizuho decreased their price objective on Ovintiv from $58.00 to $50.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Finally, Morgan Stanley lowered their target price on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.83.

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.