Wellington Management Group LLP Trims Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Wellington Management Group LLP lowered its position in shares of Ovintiv Inc. (NYSE:OVV) by 14.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,217,806 shares of the company’s stock after selling 563,472 shares during the period. Wellington Management Group LLP owned 1.19% of Ovintiv worth $141,326,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Quent Capital LLC grew its stake in Ovintiv by 151.3% during the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after acquiring an additional 351 shares in the last quarter. Avalon Trust Co purchased a new position in Ovintiv during the fourth quarter valued at approximately $34,000. Pacifica Partners Inc. purchased a new position in Ovintiv during the fourth quarter valued at approximately $37,000. Creekmur Asset Management LLC purchased a new position in Ovintiv during the fourth quarter valued at approximately $68,000. Finally, Blue Trust Inc. grew its stake in Ovintiv by 20.5% during the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock valued at $80,000 after acquiring an additional 284 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 0.7 %

NYSE:OVV opened at $45.94 on Thursday. The company has a fifty day moving average of $50.10 and a 200 day moving average of $47.29. Ovintiv Inc. has a 52 week low of $34.50 and a 52 week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $12.27 billion, a P/E ratio of 6.42 and a beta of 2.58.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%. The company had revenue of $2.35 billion during the quarter, compared to analyst estimates of $2.58 billion. On average, research analysts predict that Ovintiv Inc. will post 5.91 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.61%. Ovintiv’s dividend payout ratio is currently 16.76%.

Insider Activity at Ovintiv

In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction 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 transaction, the director now directly owns 8,929 shares in the company, valued at approximately $446,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction 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 disclosure for this sale can be found here. 0.97% of the stock is currently owned by company insiders.

Analyst Ratings Changes

OVV has been the subject of several recent analyst reports. Royal Bank of Canada boosted their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. Mizuho boosted their price target on shares of Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. TD Cowen boosted their price target on shares of Ovintiv from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Citigroup boosted their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, The Goldman Sachs Group boosted their price target 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. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $58.65.

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.