New Age Alpha Advisors LLC Sells 57,209 Shares of Ovintiv Inc. (NYSE:OVV)

Key Points

• New Age Alpha Advisors LLC sold 57,209 shares of Ovintiv Inc., reducing its stake by 97.7%, leaving it with only 1,336 shares valued at $57,000.
• Multiple institutional investors increased their holdings in Ovintiv during the fourth quarter; notably, Price T Rowe Associates Inc. grew its stake by 1,577.4%, acquiring over 2.4 million shares.
• Analyst ratings for Ovintiv show a strong consensus rating of "Buy" with a target price of approximately $53.47, as 13 analysts have rated it as a buy.

New Age Alpha Advisors LLC reduced its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 97.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,336 shares of the company's stock after selling 57,209 shares during the period. New Age Alpha Advisors LLC's holdings in Ovintiv were worth $57,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its stake in shares of Ovintiv by 1,577.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock valued at $99,587,000 after purchasing an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in Ovintiv by 243.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock valued at $103,870,000 after acquiring an additional 1,818,337 shares in the last quarter. AQR Capital Management LLC boosted its position in Ovintiv by 69.7% during the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock valued at $132,992,000 after acquiring an additional 1,348,221 shares in the last quarter. Webs Creek Capital Management LP purchased a new position in shares of Ovintiv during the 4th quarter worth approximately $54,086,000. Finally, Freestone Grove Partners LP bought a new position in shares of Ovintiv in the 4th quarter worth approximately $45,243,000. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OVV shares. Scotiabank lifted their price target on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research report on Friday, July 11th. Citigroup set a $54.00 target price on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Wells Fargo & Company decreased their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research note on Monday, June 16th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Mizuho cut their price objective on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv currently has an average rating of "Buy" and an average target price of $53.47.

Ovintiv Stock Up 0.9%

NYSE OVV traded up $0.37 during mid-day trading on Thursday, reaching $39.87. The stock had a trading volume of 1,964,174 shares, compared to its average volume of 3,576,671. The stock has a market cap of $10.25 billion, a PE ratio of 17.64, a price-to-earnings-growth ratio of 4.80 and a beta of 1.10. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $47.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The company has a fifty day moving average price of $40.05 and a 200 day moving average price of $39.22.

Ovintiv (NYSE:OVV - Get Free Report) last issued its 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). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. The business had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. On average, research analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued 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 dividend payout ratio is currently 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.