Hsbc Holdings PLC Sells 236,770 Shares of Ovintiv Inc. $OVV

Key Points

• Hsbc Holdings PLC cut its Ovintiv stake by 97.8% in the first quarter, selling 236,770 shares and retaining 5,272 shares valued at approximately $313,000.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, though revenue of $3.01 billion exceeded analysts’ $2.37 billion forecast.
• The company declared a quarterly dividend of $0.30 per share, equal to a $1.20 annualized payout and a 1.9% yield. Analysts maintained a generally positive outlook, with a consensus “Moderate Buy” rating and a $66.89 target price.

Hsbc Holdings PLC lowered its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 97.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,272 shares of the company's stock after selling 236,770 shares during the quarter. Hsbc Holdings PLC's holdings in Ovintiv were worth $313,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of OVV. Steph & Co. acquired a new position in shares of Ovintiv during the 1st quarter worth about $29,000. Root Financial Partners LLC lifted its stake in Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company's stock valued at $54,000 after purchasing an additional 277 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in Ovintiv during the fourth quarter worth about $38,000. Los Angeles Capital Management LLC bought a new position in Ovintiv during the fourth quarter worth about $46,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock worth $52,000 after purchasing an additional 287 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Stock Down 0.1%

Ovintiv stock opened at $62.40 on Monday. The company's 50-day moving average price is $56.50 and its two-hundred day moving average price is $54.00. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock has a market cap of $17.19 billion, a P/E ratio of 17.63 and a beta of 0.53. Ovintiv Inc. has a twelve month low of $35.47 and a twelve month high of $64.61.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. As a group, analysts expect that Ovintiv Inc. will post 6.87 EPS for the current year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv's payout ratio is 33.90%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OVV. Truist Financial restated a "buy" rating and issued a $73.00 price objective (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. UBS Group lifted their target price on Ovintiv from $71.00 to $74.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Citigroup boosted their target price on Ovintiv from $66.00 to $68.00 and gave the stock a "buy" rating in a report on Wednesday. Stephens reissued a "positive" rating and set a $69.00 target price on shares of Ovintiv in a report on Friday, July 24th. Finally, Texas Capital upgraded Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $66.89.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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