Ovintiv Inc. $OVV Holdings Lowered by Alliancebernstein L.P.

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

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Ovintiv by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock valued at $1,302,113,000 after purchasing an additional 959,711 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 383.8% during 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 purchasing an additional 7,344,796 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in Ovintiv by 3.5% during 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 purchasing an additional 284,656 shares during the period. Dimensional Fund Advisors LP boosted its position in Ovintiv by 2.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,708,987 shares of the company's stock valued at $244,338,000 after purchasing an additional 146,749 shares during the period. Finally, AQR Capital Management LLC boosted its position in Ovintiv by 69.7% during the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after purchasing an additional 2,288,989 shares during the period. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of Ovintiv stock traded up $1.65 during trading on Tuesday, hitting $42.32. The stock had a trading volume of 3,229,978 shares, compared to its average volume of 2,735,855. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The firm has a market cap of $10.88 billion, a P/E ratio of 18.73, a PEG ratio of 5.22 and a beta of 1.08. The business has a fifty day moving average of $40.70 and a two-hundred day moving average of $38.78. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18.

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

Ovintiv Announces Dividend

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

Wall Street Analyst Weigh In

OVV has been the subject of a number of analyst reports. Citigroup set a $54.00 price objective on Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Mizuho reduced their price target on Ovintiv from $58.00 to $50.00 and set an "outperform" rating for the company in a research report on Monday. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Finally, UBS Group boosted their price target on Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $52.53.

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.