Wellington Management Group LLP Cuts Stake in Ovintiv Inc. (NYSE:OVV)

Wellington Management Group LLP cut its holdings in Ovintiv Inc. (NYSE:OVV) by 14.9% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,217,806 shares of the company’s stock after selling 563,472 shares during the quarter. Wellington Management Group LLP’s holdings in Ovintiv were worth $141,326,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. LPL Financial LLC boosted its stake in Ovintiv by 0.3% during the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after buying an additional 261 shares during the period. Blue Trust Inc. boosted its stake in Ovintiv by 20.5% during the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after buying an additional 284 shares during the period. Fifth Third Bancorp boosted its stake in Ovintiv by 20.3% during the fourth quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock worth $85,000 after buying an additional 328 shares during the period. Quent Capital LLC boosted its stake in Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock worth $26,000 after buying an additional 351 shares during the period. Finally, Xponance Inc. boosted its stake in Ovintiv by 1.4% during the fourth quarter. Xponance Inc. now owns 42,424 shares of the company’s stock worth $1,863,000 after buying an additional 601 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group lifted their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Morgan Stanley lifted their target price on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Jefferies Financial Group upped their price target on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Evercore ISI upgraded shares of Ovintiv from an “in-line” rating to an “outperform” rating and set a $60.00 price objective for the company in a report on Friday, June 14th. Finally, UBS Group upped their target price on shares of Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $58.65.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now directly owns 8,929 shares in the company, valued at $446,450. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the transaction, the director now directly owns 8,929 shares of the company’s stock, valued at approximately $446,450. The disclosure for this sale can be found here. 0.97% of the stock is owned by insiders.

Ovintiv Price Performance

NYSE OVV opened at $45.94 on Thursday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. The firm’s 50 day moving average price is $50.10 and its 200-day moving average price is $47.29. Ovintiv Inc. has a 52-week low of $34.50 and a 52-week high of $55.95. The company has a market cap of $12.27 billion, a PE ratio of 6.42 and a beta of 2.58.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The firm had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. Sell-side analysts forecast that Ovintiv Inc. will post 5.91 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.20 annualized dividend and a yield of 2.61%. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

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.