Alyeska Investment Group L.P. Has $6.79 Million Stock Holdings in Ovintiv Inc. $OVV

Key Points

• Alyeska Investment Group cut its Ovintiv stake by 92.5% in the second quarter, selling 1.58 million shares and retaining 128,909 shares valued at approximately $6.79 million.
• Analysts remain broadly positive on Ovintiv, with 18 Buy ratings, one Strong Buy, and three Holds, producing a “Moderate Buy” consensus and an average price target of $66.89.
• Ovintiv shares opened at $66.53, near their 52-week high, while the company reported quarterly revenue above expectations but earnings per share below consensus. It also declared a quarterly dividend of $0.30 per share, yielding about 1.8% annually.

Alyeska Investment Group L.P. reduced its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 92.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,909 shares of the company's stock after selling 1,580,205 shares during the period. Alyeska Investment Group L.P.'s holdings in Ovintiv were worth $6,787,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Steph & Co. bought a new stake in Ovintiv during the first quarter worth about $29,000. Aberdeen Wealth Management LLC acquired a new stake in shares of Ovintiv during the 2nd quarter worth approximately $32,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Ovintiv during the 2nd quarter worth approximately $32,000. Root Financial Partners LLC raised its holdings in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after buying an additional 277 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in Ovintiv in the fourth quarter valued at about $46,000. 83.81% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Ovintiv news, EVP Rachel Maureen Moore sold 7,753 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the sale, the executive vice president owned 72,530 shares of the company's stock, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.85% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

OVV has been the subject of several research reports. Wall Street Zen upgraded Ovintiv from a "hold" rating to a "buy" rating in a research report on Saturday, July 25th. Barclays increased their price target on Ovintiv from $68.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Scotiabank raised shares of Ovintiv from an "outperform" rating to a "buy" rating in a research report on Wednesday, May 20th. National Bank Financial raised their price target on shares of Ovintiv from $82.00 to $83.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Finally, Citigroup lifted their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $66.89.

Ovintiv Stock Up 1.3%

Shares of NYSE OVV opened at $66.53 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The company has a market cap of $18.33 billion, a P/E ratio of 18.79 and a beta of 0.53. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.44. The business has a 50-day simple moving average of $59.77 and a two-hundred day simple moving average of $57.24.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. Research analysts anticipate that Ovintiv Inc. will post 7.09 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Tuesday, September 15th. Ovintiv's dividend payout ratio is currently 33.90%.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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