Bayforest Capital Ltd Trims Stock Position in Ovintiv Inc. $OVV

Key Points

• Bayforest Capital Ltd reduced its stake in Ovintiv Inc. by 69.3% in the second quarter, holding 5,175 shares valued at $197,000 after selling 11,674 shares.
• Ovintiv reported a Q2 EPS of $1.02, missing estimates by $0.02, and a revenue of $1.79 billion, falling short of expectations of $1.92 billion.
• The company declared a quarterly dividend of $0.30 per share, representing an annualized yield of 3.3%, with a payout ratio of 53.10%.

Bayforest Capital Ltd cut its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 69.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,175 shares of the company's stock after selling 11,674 shares during the period. Bayforest Capital Ltd's holdings in Ovintiv were worth $197,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Ovintiv by 383.8% in 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 acquiring an additional 7,344,796 shares during the period. AQR Capital Management LLC raised its stake in shares of Ovintiv by 69.7% in the 1st quarter. AQR Capital Management LLC now owns 5,572,732 shares of the company's stock valued at $238,513,000 after acquiring an additional 2,288,989 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new stake in shares of Ovintiv in the 1st quarter valued at approximately $56,865,000. Nuveen LLC purchased a new stake in shares of Ovintiv in the 1st quarter valued at approximately $46,603,000. Finally, Amundi raised its stake in shares of Ovintiv by 86.3% in the 1st quarter. Amundi now owns 2,231,116 shares of the company's stock valued at $87,125,000 after acquiring an additional 1,033,309 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Trading Down 2.3%

NYSE OVV opened at $36.42 on Friday. 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 52 week low of $29.80 and a 52 week high of $47.18. The stock has a market capitalization of $9.36 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 5.34 and a beta of 0.97. The firm has a 50 day moving average of $40.54 and a two-hundred day moving average of $38.70.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results 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 return on equity of 14.24% and a net margin of 6.46%.The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. As a group, research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, September 15th. Ovintiv's payout ratio is 53.10%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on OVV shares. Mizuho reduced their price target on shares of Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Royal Bank Of Canada set a $55.00 target price on shares of Ovintiv and gave the stock an "outperform" rating in a research note on Wednesday. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Evercore ISI upped their target price on shares of Ovintiv from $42.00 to $43.00 and gave the stock an "outperform" rating in a research note on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.29.

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.

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