1832 Asset Management L.P. Reduces Stock Holdings in Ovintiv Inc. $OVV

Key Points

• 1832 Asset Management L.P. reduced its holdings in Ovintiv Inc. by 15.4%, owning 34,038 shares worth approximately $1.46 million after selling 6,189 shares in the first quarter.
• Institutional investors hold 83.81% of Ovintiv's stock, with notable increases in holdings from companies like Charles Schwab Investment Management and Price T Rowe Associates.
• Ovintiv reported an earnings miss of $1.02 per share against expectations of $1.04, with quarterly revenue of $1.79 billion compared to analyst estimates of $1.92 billion.

1832 Asset Management L.P. reduced its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 15.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,038 shares of the company's stock after selling 6,189 shares during the period. 1832 Asset Management L.P.'s holdings in Ovintiv were worth $1,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Colonial Trust Co SC acquired a new position in shares of Ovintiv in the 4th quarter valued at $28,000. Harbour Investments Inc. lifted its stake in shares of Ovintiv by 143.8% in the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares during the period. Optiver Holding B.V. acquired a new position in shares of Ovintiv in the 4th quarter valued at $40,000. Gen Wealth Partners Inc lifted its stake in shares of Ovintiv by 91.8% in the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after purchasing an additional 484 shares during the period. Finally, Quent Capital LLC lifted its stake in shares of Ovintiv by 146.5% in the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after purchasing an additional 674 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Price Performance

Shares of OVV traded up $0.20 during trading hours on Friday, hitting $42.17. 2,540,319 shares of the stock were exchanged, compared to its average volume of 2,852,228. 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 12-month low of $29.80 and a 12-month high of $47.18. The company has a market cap of $10.84 billion, a price-to-earnings ratio of 18.66, a price-to-earnings-growth ratio of 5.25 and a beta of 1.10. The stock's 50-day moving average price is $40.06 and its two-hundred day moving average price is $38.94.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The firm had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. Research analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Ovintiv's payout ratio is presently 53.10%.

Analyst Ratings Changes

Several brokerages have recently weighed in on OVV. Barclays upped their target price on Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Wells Fargo & Company reduced their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and upped their target price for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. UBS Group upped their target price on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Finally, Citigroup set a $54.00 target price on Ovintiv and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $53.07.

About Ovintiv

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.