Alyeska Investment Group L.P. Has $98.10 Million Position in Ovintiv Inc. $OVV

Key Points

• Alyeska Investment Group L.P. sold 272,641 shares of Ovintiv Inc., reducing its stake by 10.6% in the first quarter, leaving them with approximately 2.29 million shares valued at $98.1 million.
• Multiple large investors, including Charles Schwab Investment Management and Vanguard Group, increased their stakes in Ovintiv during the same period, contributing to institutional ownership of 83.81% of the company's stock.
• Ovintiv recently announced a quarterly dividend of $0.30 per share, representing a 2.8% dividend yield, set to be paid to shareholders on September 29th.

Alyeska Investment Group L.P. lowered its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 10.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,292,057 shares of the company's stock after selling 272,641 shares during the quarter. Alyeska Investment Group L.P. owned about 0.88% of Ovintiv worth $98,100,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of OVV. Concurrent Investment Advisors LLC lifted its position in shares of Ovintiv by 5.6% in the first quarter. Concurrent Investment Advisors LLC now owns 5,582 shares of the company's stock worth $239,000 after purchasing an additional 297 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Ovintiv by 43.4% in the first quarter. Smartleaf Asset Management LLC now owns 1,154 shares of the company's stock worth $49,000 after purchasing an additional 349 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Ovintiv by 16.9% in the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after purchasing an additional 417 shares in the last quarter. Crossmark Global Holdings Inc. lifted its position in shares of Ovintiv by 0.6% in the first quarter. Crossmark Global Holdings Inc. now owns 69,212 shares of the company's stock worth $2,962,000 after purchasing an additional 420 shares in the last quarter. Finally, Aberdeen Group plc lifted its position in shares of Ovintiv by 5.5% in the first quarter. Aberdeen Group plc now owns 9,168 shares of the company's stock worth $392,000 after purchasing an additional 475 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on OVV shares. Barclays boosted their price objective 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. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the stock an "equal weight" rating in a research report on Monday, August 18th. UBS Group upped their price target on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Wells Fargo & Company dropped their price target 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. Two investment 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. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of "Buy" and an average price target of $53.07.

Ovintiv Stock Performance

NYSE OVV traded down $1.51 on Friday, hitting $41.09. 3,572,283 shares of the stock were exchanged, compared to its average volume of 2,742,032. 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 business's fifty day moving average is $40.40 and its 200 day moving average is $38.90. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18. The company has a market capitalization of $10.56 billion, a PE ratio of 18.18, a P/E/G ratio of 5.47 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last released 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). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.92 billion. Research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed 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. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, September 15th. Ovintiv's payout ratio is currently 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.