Bessemer Group Inc. Lowers Holdings in Ovintiv Inc. (NYSE:OVV)

Bessemer Group Inc. trimmed its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 67.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,724 shares of the company's stock after selling 47,329 shares during the quarter. Bessemer Group Inc.'s holdings in Ovintiv were worth $973,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Colonial Trust Co SC bought a new position in shares of Ovintiv in the 4th quarter worth $28,000. Smartleaf Asset Management LLC raised its position in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after acquiring an additional 335 shares in the last quarter. Mizuho Bank Ltd. bought a new position in shares of Ovintiv in the 4th quarter worth $40,000. Optiver Holding B.V. bought a new position in shares of Ovintiv in the 4th quarter worth $40,000. Finally, Cullen Frost Bankers Inc. raised its position in shares of Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after acquiring an additional 1,000 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Performance

Shares of OVV stock traded down $0.02 during mid-day trading on Friday, reaching $40.04. The stock had a trading volume of 1,910,731 shares, compared to its average volume of 3,341,823. The business's fifty day moving average is $37.64 and its 200-day moving average is $39.54. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. The firm has a market cap of $10.40 billion, a price-to-earnings ratio of 17.04, a PEG ratio of 2.15 and a beta of 1.08. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $49.57.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. On average, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.00%. Ovintiv's payout ratio is 51.06%.

Analysts Set New Price Targets

Several research analysts have recently commented on OVV shares. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Scotiabank raised Ovintiv to a "strong-buy" rating in a research report on Wednesday, March 19th. Wells Fargo & Company reduced their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and upped their target price for the company from $47.00 to $51.00 in a research report on Tuesday. Finally, Mizuho reduced their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $54.47.

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.