AlphaQuest LLC Sells 15,003 Shares of Ovintiv Inc. $OVV

Key Points

• AlphaQuest LLC has reduced its stake in Ovintiv Inc. by 60.8%, selling 15,003 shares during the first quarter, leaving them with 9,691 shares valued at $415,000.
• Ovintiv recently missed earnings estimates with an EPS of $1.02 versus expectations of $1.04, and reported revenues of $1.79 billion compared to anticipated $1.92 billion.
• The company has declared a quarterly dividend of $0.30, which will be paid on September 29th, indicating an annualized yield of 2.9% with a payout ratio of 53.10%.

AlphaQuest LLC reduced its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 60.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 9,691 shares of the company's stock after selling 15,003 shares during the period. AlphaQuest LLC's holdings in Ovintiv were worth $415,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Morgan Stanley set a $48.00 target price on shares of Ovintiv and gave the stock an "equal weight" rating in a research report on Monday, August 18th. Barclays lifted their target price on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Finally, Scotiabank lifted their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $53.07.

Ovintiv Trading Up 0.5%

Shares of NYSE:OVV traded up $0.20 during midday trading on Friday, hitting $42.17. 2,540,319 shares of the stock traded hands, compared to its average volume of 2,852,228. The stock has a market capitalization of $10.84 billion, a PE ratio of 18.66, a P/E/G ratio of 5.23 and a beta of 1.10. The business's 50 day moving average is $40.06 and its two-hundred day moving average is $38.96. 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 Inc. has a one year low of $29.80 and a one year high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $1.02 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 the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. As a group, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

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

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.