Alliancebernstein L.P. Lowers Stock Position in Ovintiv Inc. $OVV

Key Points

• Alliancebernstein L.P. reduced its stake in Ovintiv Inc. by 5.3%, selling 23,971 shares, and now holds 427,904 shares valued at $18.31 million.
• Despite some fund reductions, other hedge funds such as Ameriprise Financial Inc. and Captrust Financial Advisors increased their holdings significantly in the same period.
• Ovintiv has recently announced a $0.30 quarterly dividend, with an annualized yield of 2.8%, and a dividend payout ratio of 53.10%.

Alliancebernstein L.P. cut its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 5.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 427,904 shares of the company's stock after selling 23,971 shares during the period. Alliancebernstein L.P. owned 0.16% of Ovintiv worth $18,314,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of OVV. Ameriprise Financial Inc. raised its holdings in shares of Ovintiv by 61.5% in the fourth quarter. Ameriprise Financial Inc. now owns 539,565 shares of the company's stock valued at $21,852,000 after buying an additional 205,475 shares during the last quarter. Captrust Financial Advisors raised its holdings in shares of Ovintiv by 129.1% in the fourth quarter. Captrust Financial Advisors now owns 18,209 shares of the company's stock valued at $737,000 after buying an additional 10,261 shares during the last quarter. Cetera Investment Advisers raised its holdings in shares of Ovintiv by 21.0% in the fourth quarter. Cetera Investment Advisers now owns 29,128 shares of the company's stock valued at $1,180,000 after buying an additional 5,053 shares during the last quarter. Focus Partners Wealth purchased a new stake in shares of Ovintiv in the fourth quarter valued at about $523,000. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Ovintiv by 8.0% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 60,305 shares of the company's stock valued at $2,442,000 after buying an additional 4,480 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Trading Up 3.4%

NYSE OVV opened at $42.85 on Thursday. The stock has a market capitalization of $11.01 billion, a P/E ratio of 18.96, a P/E/G ratio of 5.32 and a beta of 1.08. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The firm has a 50-day moving average price of $40.56 and a 200 day moving average price of $38.84. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

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

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Ovintiv's dividend payout ratio (DPR) is 53.10%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on OVV. Morgan Stanley set a $48.00 target price on shares of Ovintiv and gave the company an "equal weight" rating in a report on Monday, August 18th. Barclays upped their target price on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Citigroup set a $54.00 target price on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, Wells Fargo & Company reduced their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $53.07.

Ovintiv Company 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.

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