HITE Hedge Asset Management LLC Lowers Stock Position in Ovintiv Inc. $OVV

Key Points

• HITE Hedge Asset Management LLC reduced its ownership in Ovintiv Inc. by 18.4%, selling 46,460 shares to hold approximately 206,702 shares valued at about $8.8 million.
• Many other institutional investors have also changed their holdings, with Harbour Investments Inc. increasing its stake by 143.8% in the first quarter.
• Analysts have mixed views on Ovintiv's stock, with several lowering price targets while others, like TD Cowen, upgraded it to a "strong-buy," leading to a current consensus rating of "Buy" and an average price target of $53.33.

HITE Hedge Asset Management LLC lowered its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 18.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 206,702 shares of the company's stock after selling 46,460 shares during the quarter. HITE Hedge Asset Management LLC owned approximately 0.08% of Ovintiv worth $8,847,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Colonial Trust Co SC bought a new position in shares of Ovintiv during the 4th quarter valued at $28,000. Harbour Investments Inc. boosted its stake in shares of Ovintiv by 143.8% in the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares in the last quarter. Optiver Holding B.V. bought a new stake in Ovintiv during the 4th quarter worth approximately $40,000. Gen Wealth Partners Inc lifted its position in Ovintiv by 91.8% during the 1st quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after buying an additional 484 shares in the last quarter. Finally, Quent Capital LLC lifted its holdings in Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after buying an additional 674 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Mizuho cut their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Morgan Stanley set a $48.00 target price on Ovintiv and gave the company an "equal weight" rating in a research note on Monday. Wells Fargo & Company dropped their price objective on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Scotiabank increased their price target on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Finally, TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $53.33.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $39.43 on Monday. The stock's 50 day moving average price is $40.14 and its 200 day moving average price is $39.10. Ovintiv Inc. has a 12 month low of $29.80 and a 12 month high of $47.18. The stock has a market cap of $10.14 billion, a price-to-earnings ratio of 17.45, a PEG ratio of 4.76 and a beta of 1.10. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. Equities research analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share 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 given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's payout ratio is 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.

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