Hsbc Holdings PLC Cuts Stake in Ovintiv Inc. $OVV

Key Points

• Hsbc Holdings PLC reduced its stake in Ovintiv Inc. by 11.6%, holding 200,173 shares after selling 26,282 shares in the first quarter.
• Various large investors have altered their positions in Ovintiv, with significant acquisitions and stakes being increased by companies like Korea Investment CORP and Raymond James Financial Inc..
• Ovintiv recently declared a quarterly dividend of $0.30, with an upcoming ex-dividend date of September 15th and an annualized yield of 2.9%.

Hsbc Holdings PLC trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 11.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 200,173 shares of the company's stock after selling 26,282 shares during the period. Hsbc Holdings PLC owned about 0.08% of Ovintiv worth $8,570,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Fuller & Thaler Asset Management Inc. bought a new position in shares of Ovintiv during the first quarter valued at approximately $56,865,000. Korea Investment CORP boosted its position in Ovintiv by 1.9% during the 1st quarter. Korea Investment CORP now owns 316,220 shares of the company's stock valued at $13,534,000 after acquiring an additional 5,818 shares in the last quarter. Northern Trust Corp boosted its position in Ovintiv by 6.7% during the 1st quarter. Northern Trust Corp now owns 2,787,134 shares of the company's stock valued at $119,289,000 after acquiring an additional 174,394 shares in the last quarter. Brooklyn Investment Group increased its holdings in shares of Ovintiv by 91.3% in the 1st quarter. Brooklyn Investment Group now owns 1,228 shares of the company's stock valued at $53,000 after acquiring an additional 586 shares during the period. Finally, Raymond James Financial Inc. raised its position in shares of Ovintiv by 204.2% in the 1st quarter. Raymond James Financial Inc. now owns 583,839 shares of the company's stock worth $24,988,000 after acquiring an additional 391,923 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on OVV. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted 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 target price on shares of Ovintiv and gave the company an "equal weight" rating in a research report on Monday, August 18th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Finally, Wells Fargo & Company reduced their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $53.07.

Ovintiv Trading Up 4.2%

Shares of Ovintiv stock opened at $40.8850 on Monday. The firm's 50 day simple moving average is $40.04 and its two-hundred day simple moving average is $38.98. The firm has a market capitalization of $10.51 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 5.10 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 current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) 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 analysts' expectations of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. Analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company 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. The ex-dividend date is Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.9%. Ovintiv's dividend payout ratio (DPR) is presently 53.10%.

Ovintiv Company 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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