Corebridge Financial Inc. Cuts Stake in Ovintiv Inc. $OVV

Key Points

• Corebridge Financial Inc. reduced its stake in Ovintiv Inc. by 2.4% during the first quarter, now holding 287,534 shares valued at approximately $12.31 million.
• Several institutional investors significantly increased their positions in Ovintiv, with Charles Schwab boosting its stake by 383.8%, now owning nearly 9.26 million shares.
• Ovintiv has announced a quarterly dividend of $0.30 per share, with an annualized yield of 2.9% and a payout ratio of 53.10%.

Corebridge Financial Inc. lowered its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 2.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 287,534 shares of the company's stock after selling 7,051 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Ovintiv worth $12,306,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Comerica Bank grew its position in Ovintiv by 15.1% in the first quarter. Comerica Bank now owns 147,938 shares of the company's stock worth $6,332,000 after acquiring an additional 19,439 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in Ovintiv in the first quarter worth about $884,000. Systematic Financial Management LP boosted its position in shares of Ovintiv by 1.5% during the first quarter. Systematic Financial Management LP now owns 668,456 shares of the company's stock valued at $28,610,000 after buying an additional 9,566 shares during the period. Hotchkis & Wiley Capital Management LLC boosted its position in shares of Ovintiv by 3.5% during the first quarter. Hotchkis & Wiley Capital Management LLC now owns 8,437,152 shares of the company's stock valued at $361,110,000 after buying an additional 284,656 shares during the period. Finally, SVB Wealth LLC purchased a new position in shares of Ovintiv during the first quarter valued at approximately $48,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Up 0.5%

NYSE:OVV traded up $0.20 during trading hours on Friday, reaching $42.17. The company's stock had a trading volume of 2,540,319 shares, compared to its average volume of 2,852,228. The company has a market capitalization of $10.84 billion, a P/E ratio of 18.66, a price-to-earnings-growth ratio of 5.23 and a beta of 1.10. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a 50 day moving average price of $40.06 and a two-hundred day moving average price of $38.96.

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 analysts' consensus estimates of $1.04 by ($0.02). The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. Equities analysts predict that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently disclosed 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Ovintiv's payout ratio is 53.10%.

Analysts Set New Price Targets

OVV has been the subject of several recent analyst reports. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Barclays boosted their target price on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Citigroup set a $54.00 target price on Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company dropped their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Finally, UBS Group boosted their target price on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $53.07.

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.